Palmerston-Little Italy | Quarterly Analysis of the Real Estate Market | Q2-2024

When analyzing a specific community, the limited number of properties compared to an entire municipality often results in too few data points for meaningful reports. To mitigate this, quarterly analysis of a community is more insightful than a monthly analysis.

🔴 Detached: Only one detached home was sold in Q1-2024, versus seven detached homes in the second quarter, which indicates a significantly higher demand. The number of listings doubled, and the average price was nearly $1M higher than the median, indicating that a couple of high-end properties were among the seven detached homes sold.

🔴 Semi-Detached: Sales in this category doubled, and new listings tripled. Although supply increased more than demand, there was a slight rise in average prices. With the average days on market dropping to just 9 days—five times lower than in the first quarter—it’s clear that if you own a healthy semi worth just around the $2M mark, there is a good chance you can sell it very quickly!

🔴 Freehold Row/Townhouse: Only three homes were sold in Q2-2024, similar to the first quarter. The average and median sale prices differed by 5-10%, but given the small number of transactions, there’s little to infer. However, the days on market being five times lower suggests that the market is moving faster in this category.

🔴 Condo Apartment: Market activity remained fairly consistent between the first and second quarters, with little change in transaction numbers and days on market. The average sale price was significantly higher than the median, indicating that a couple of larger condos were sold. However, both values were lower than in the first quarter.

If you have any questions about the Palmerston-Little Italy market, feel free to reach out!