Not Even the Winter months could cool down this red hot housing market that we’ve been experiencing in Ajax. With the amount of new listings slumping by 10.5% compared to February of 2016, this reduction of inventory has led to an escalation of home values by over $147,000 during the same time periods. Ajax continues to suffer from a lack of inventory with only half a month’s worth, if no new homes come up for sale it would take literally 2 weeks to run out of homes to buy. Multiple offers and above asking sold prices have been the direct result of low inventory with the average home selling for 112% over the asking price (if a home was listed at $500,000 it would sell at $560,000).
The average sale price for a detached home in Ajax has ballooned to $772,682 this February up from $614,095 just a year earlier. The largest increase in a housing segment has occurred in the Townhouse section of the market place, with a 37.9% increase to average $620,683.
Prices of coarse are nowhere near that of the 416 Region where the average Detached home has reached over $1.5 million however it is clear to see that the lack of affordably priced homes in Toronto is driving the increase in Ajax and the rest of the Durham Region. If the first two months of the year is any indication, we should see another record year for Real Estate prices within Ajax. Hopefully the typically busy Spring Selling season will bring enough homes for sale to satisfy the demand of Buyers.
If you are curious how these price increase will affect the value of your home feel free to contact me at email@example.com or call me direct at 416-799-7905 for a FREE, No Obligation Home Value Analysis.