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Raving Fans: What are my clients Saying ?
Greater Toronto Realtors reported 7,092 sales through the MLS in November 2011 . The number of transactions represented a 11.0% increase compared to November 2010 . New listings , at 9,786, were up by 14% compared to November 2010. Market conditions remained tight as sales growth outstripped growth in new listings.
The number of transactions during the first eleven months of 2011 amounted to 84,859-up 3.9% compared to the same period last year.
The year- to-date average price for November 2011 is $466,357-up 8.9% .
” We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong sales growth across low-rise and high-rise home types throughout the GTA,” said Toronto Real Estate Board President Richard Silver . “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”
With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in November-up by 9.8% from the same time last year to $480,421.
“Despite strong price growth this year, the housing market remains affordable in the GTA,”said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”
Sales of Toronto ( 416 area code) condominium apartments increased by 9% from October 2010. The average price of a Toronto condo increased by 8% from the same time last year.
Condominium apartments accounted for 26.5% of total sales in the the GTA for November 2011 while detached homes accounted for 45.6% of the total sales.
Other notable statistics include the average days on the market for November at 29 days compared to 34 days the same time last year. Active listings were 15,551in November 2011-down 15.0% from November 2010. The sales-to-listings ratio for November was 45.6% 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 onto anybody interested in real estate.
Please contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca