Balanced Market Conditions in September 2017
Greater Toronto Realtors reported 6,379 residential sales through the Toronto MLS system in September 2017. The number of transactions in September represented a 35.1% decline compared to 9,830 transactions reported in September 2016.
For the region as a whole detached homes in the GTA experienced the largest sales decline at 40.4%.
The number of new listings reported in September was up by 9.4% compared to September 2016. The number of active listings reported in September was up by 69.0% compared to September 2016.
“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off of the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos, TREB’s President.
The average price in September was up by 2.6% from the same time last year to $775,546. Condo apartments in the GTA led the way in terms of an average price increase at 23.2% compared to the same time last year.
“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment segment, where average sale prices were up by more than 20% compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions ” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 23.2% in September 2017. The average selling price of a Toronto condo increased by 24.0% in September 2017 from the same time last year to $554,069
Condominium apartments accounted for 29.2% of total GTA sales in September while detached homes accounted for 43.6% of the total sales.
Other notable statistics include the average days on the market for September at 24 days, up from 16 days a year earlier. The sales-to-listings ratio for September 2017 was 33.5% which is still 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, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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