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Raving Fans: What are my clients Saying ?
September Rounds Out a Strong Third Quarter
Greater Toronto Realtors reported 7,658 sales through the MLS in September 2011 . The number of transactions represented a 25.0% increase compared to September 2010 . New listings , at 14,727, were up by 14% compared to September 2010. Market conditions remained tight as sales growth outstripped growth in new listings.
The number of transactions during the first nine months of 2011 amounted to 70,588-up 2.6% compared to the same period last year.
The year- to-date average price for September 2011 is $464,024-up 8.0%.
” We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However , while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers,” said Toronto Real Estate Board President Richard Silver . “Over the past few months , the listing situation has started to improve, so we expect home buyers will have more homes to chose from in the months ahead.”
With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in September-up by 9.3% from the same time last year to $465,369.
” Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,”said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year of sales under the current TREB market area.”
Sales of Toronto ( 416 area code) condominium apartments increased by 26% from September 2010. The average price of a Toronto condo increased by 7% from the same time last year.
Condominium apartments accounted for 24.4% of total sales in the the GTA while detached homes accounted for 48.0% of the total sales.
Other notable statistics include the average days on the market for September at 27 days compared to 33 days the same time last year. Active listings were 18,808 in September 2011-down 7.5% from the September 2010. The sales-to-listings ratio for September was 40.7% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.
Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.
Please pass this message on to anybody interested in real estate.
If at any time you would like to become a client please call me at 416-520-6746 or email me, David@TorontoRealEstate.ca