June 2022 was another month of far fewer sales in the Annex. It is worth noting that condos are selling for far less than the asking price, whereas houses sell relatively close to the asking price.
The Annex doesn’t often have a lot of sales – which keeps the area in high demand. There were a total of 12 transactions. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Annex Homes Values
There were just 7 sales in the Annex in June 2022. The average home sold for $3,721,131, “up” substantially from $2,770,145 in June 2021. Note: the reason for the huge increase was that some ultra-luxury homes sold – which saw a resurgence of bidding wars. The average list-to-sale price was 105%. There was a 50/50 chance of multiple offers on house Annex listings. The average home was on the market for 16 days – this is a relatively average number of days on the market, which means that the Annex remains in demand.
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Annex Condo Values
There were 5 condo sales—the average Annex condo sold for $1,026,000, down from $1,226,580 in June 2021 (note: more one-bedroom condos sold which explains the lower average sale price, versus this being a market problem). The average list-to-sale price was 98% – an exciting insight as sellers discover that they need to price to the current marketplace, not what was a few months ago. There was a 50% chance of multiple offers on house Annex listings. The average home was on the market for 21 days – this stat, combined with the average list to the sale price, shows that buyers are taking their time and negotiating to their advantage.
If you want to learn more about The Annex, contact us here and read through our Annex blogs.
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