Only 3 transactions took place at 25 Scrivener Square last year, as compared to 6 in 2013. This echoes the Toronto real estate market’s chronic problem in 2014: a lack of houses and condominiums listed for sale. In 2013, the average size of the sold properties was 1,023 square feet, with an average per square foot price of $819. 2014 saw an average unit size of 860 square feet that traded at a price per square foot of $836. This represents a 2% year over year gain.
It is important to remember that units of 1800 square feet and up trade at significantly higher prices per square foot. The lack of large units sold in 2014 gives an artificially low price-per-square-foot (PPSF) for Thornwood II. Historically, large units here have traded at a PPSF between $1000 and $1400.
This year’s sales-to-listing price ratio was 111%. A ratio of above 100% is an indicator of multiple offers, which in turn implies a Seller's market. The decrease in the time it took the properties to sell from 24 days to 11 days backs this up. These numbers tell the story of multiple Buyers eager to live at Scrivener Square, and actively pursuing their opportunities to do so.
For Scrivener Square neighbourhood highlights, click here.