May 2022 was yet another month with minimal sales. It is worth noting that condos are selling for less than the asking price, whereas houses are selling for 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 11 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 May 2022. The average home sold for $2,387,000, “down” substantially from $3,123,333 in May 2021. Note: the reason for the drop is directly related to the value of those homes which sold, this is not an Annex neighbourhood price drop. The average list-to-sale price was 99%. There was a 50/50 chance of multiple offers on house Annex listings. The average home was on the market for 10 days – this is a low number of days on the market, which means that the Annex remains in high demand.
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Annex Condo Values
There were only 4 condo sales—the average Annex condo sold for $1,657,500, way up from $758,975 in May 2021 (note that the condos sales this time last year were very few, which explains the much lower average sale price). The average list-to-sale price was 95% – an exciting insight as sellers are discovering 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 36 days – this stat, combined with the average list to sale price, shows that buyers are taking their time and negotiating to their advantage.
If you are curious to learn more about The Annex, contact us here and read through our Annex blogs.
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