Free Buyer Planning Session: 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 4,375 sales through the MLS in January 2013. The number of transactions represented a 1.3% decrease compared to January 2012. The number of new listings reported in January was up by 10.7% compared to the same period in 2012.
“The January sales figures represent a good start to 2013. While the number of
transactions was down slightly compared to last year, the rate of decline was
much less than what was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board President Ann Hannah. “
“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto,” continued Hannah.
The average selling price continued to grow in January up by 4.3% from the same
time last year to $482,648. The average selling price for 2012 as a whole was up by almost 7% to $497,298!!
Remember, TREB’s baseline forecast for 2012 was for an average price of $485,000, representing a more moderate 4.0% annual rate of price growth.
“There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the 3%-5% range this year” said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. ”
Sales of Toronto (416 area code) condominium apartments decreased by 4.5% from January 2012. The average price of a Toronto condo decreased by 1.3% from the same time last year.
Condominium apartments accounted for 24.0% of total sales in the GTA for January 2013 while detached homes accounted for 47.6% of the total sales.
Other notable statistics include the average days on the market for January at 37
days. Active listings were 14,231 in January-up 15.8% from January 2012. The
sales-to-listings ratio for January was 30.7% 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 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@DavidStoddard.ca