The fourth quarter of 2015 saw a solid gain in Forest Hill single-family homes. The average sale price of a house in the neighbourhood rose by 2.2% from Q4, 2014 to the same period in 2015. Buyers paid, on average, $2,017,958 in 2014 and $2,063,076 in 2015. The sales-to-listing price ratio went from 98% to 102%, indicating a hot market. This is also reflected in the average number of days on market, which decreased from 15 to 13. There were 26 transactions in 2014, of which 8 were above $2 million. 2015’s market was tighter, with only 16 houses changing hands. Of these, 5 sold for above $2 million.
In the condominium market, 2015 Q4 sales averaged $564,538, a 19.6% drop from 2014’s average of $701,465. One factor in the decrease is that fewer high end properties were sold. In 2014, 5 condos traded at over $1 million. In 2015, there were no sales over the $1,000,000 mark. The decreased price average and lack of high end sales shouldn’t be interpreted as a problem of demand, but of supply. Strong Buyer interest was reflected by a sales-to-listing price ratio of 100%, and the average days on market falling from 19 to 14 days.
A detached house in Forest Hill is a sound investment, as well as a great place to live. Downsizers hoping to access the neighbourhood face a challenging hunt for a condominium that is an attractive alternative to the family home. Any local development offering 1,500 – 2,000 square foot units of 2 or more bedrooms will likely be the subject of keen Buyer demand.