Monday, December 9, 2013

Market Watch: November

The numbers are in for November, and the results come as little surprise to realtors or vendors that have been involved in search for a new home in Toronto over the past few months.

Things are competitive, to say the least.

Owners looking to sell their homes, especially in neighbourhoods in the city that feature nearby schools and access to transit are getting well above asking in many cases, and have often seen multiple offers during the bidding process.

TREB’s monthly release reported 6,391 sales through MLS in November, an increase of 13.9 percent over the same period in 2012.  Adding to the high competition is the fact that new listings were down by 4.4 percent.

“Growth in sales was strong for most home types in the Greater Toronto Area.  Sales growth was led by the single-detached market segment followed by condominium apartments.  Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.

As most would expect, the increased activity and decreased inventory has led to all-time value for those placing their home on the market.  The average price of MLS transactions in 2013 was $538,881, an increase of 11.3 percent from $484,208 in November 2012.   
Even during a period that traditionally sees a slowdown in activity, sale price and total transactions have seen a significant increase and could remain that way over the next month.  Owners that have been considering placing their homes on the market but were wary of a seasonal slowdown would do well to enter the market during this time.  Despite the proximity to the holiday season, plenty of buyers are still in the market and looking to find something sooner rather than later.