Real Estate Coaching: Sign up here for FREE Real Estate Coaching…whether you are buying , selling or renting.
Free Real Estate Reports: click here to have access to many free informative buyer and seller reports.
Starbuck’s Coffee: Please join my new Real Estate Fan Page here. When I reach 100 FANS I will be giving away a bunch of Starbuck’s coffee cards.
Greater Toronto Realtors reported 6,896 sales through the MLS in October 2012. The number of transactions represented a 7.1% decrease compared to October 2011. It is important to note that there were two more working days in October 2012 compared to October 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 15.6% year-over-year.
The number of new listings reported in October was up by 6.1% compared to the same period in 2011.
“Sales have decreased in the second half of the this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase” said Toronto Real Estate Board President Ann Hannah. “
The average selling price continued to grow in October up by 6.2% from the same time last year to $503,479. Price growth continued to be driven by the low-rise market segment in the City of Toronto, including semi-detached homes with an annual price increase of 7%.
“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes” said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. ”
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate 4.0% annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer
Sales of Toronto (416 area code) condominium apartments decreased by 14.0% from October 2011. The average price of a Toronto condo decreased by 2.0% from the same time last year.
Condominium apartments accounted for 22.7% of total sales in the GTA for October 2012 while detached homes accounted for 48.5% of the total sales.
Other notable statistics include the average days on the market for October at 28 days. Active listings were 20,737 in October-up 6.2% from October 2011. The sales-to-listings ratio for October was 33.2% which is classified as a sellers 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 do 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 contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca