Allenby Market Update - Fall 2008
November
Sales in the Allenby neighborhood were down significantly this month by -72%, as economic woes continued to drive buyers into hiding. The average price of a home in Allenby was down -32% to $562,533 this month.
Average days on the market in Allenby was up 74% to 40 days, from the 23 days we were seeing in September 2007. The average sold price as a percent of list has gone from 103% to 96%.
October
Sales in the Allenby neighborhood were consistent with the Central Toronto market, at -43%. The average price of a home in Allenby was down -18% to $592,997 this month.
Average days on the market in Allenby is up 17% to 27 days, from the 23 days we were seeing in September 2007. The average sold price as a percent of list has gone from 103% to 97%. October was a hot month for bidding wars on Allenby homes last year.
September
The high demand neighborhood of Allenby has not been shielded this month from the turn we are seeing in the market. Sales are down -19% in Allenby and the average price of a home in Allenby is down -17% to $613,452.
Average days on the market in Allenby is up a significant 82% to 40 days, from the 22 days we were seeing in September 2007. The average sold price as a percent of list has gone from 100% to 97%. Good news for buyers who were ready to throw in the towel on those bidding wars.
While sellers may be mourning the death of the bidding war, just a friendly reminder to those who plan to buy - you will recoup your losses on the other side, and even more so if you plan to upgrade.
