Before I get into this week’s milton ontario real estate market activity report, here’s some information from the toronto real estate board (treb):
GTA REALTORS® Report Mid-Month Resale Housing Market Figures
TORONTO, November 18, 2009 – In the first two weeks of November, Greater Toronto
REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of
November 2008. The average price for these transactions was up 10 per cent year-overyear
to $415,066.
Increased interest in ownership housing has been widespread throughout the GTA and
across all housing types,” said Toronto Real Estate Board President Tom Lebour.
“However, it is important to point out that we are now making comparisons to the fall of
2008 when we experienced a marked decline in sales and average price”
Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at
$393,180, is up by three per cent.
“Sales and average price in the GTA this winter will be well above levels reported
throughout the fourth quarter of 2008 and the first quarter of 2009,” according to Jason
Mercer, TREB’s Senior Manager of Market Analysis.
Summary Of November Sales And Average Price
November
2009 2008
Sales Average Price Sales Average Price
City of Toronto (“416″) 1,560 $441,893 830 $400,305
Rest of GTA (“905″) 2,106 $395,195 1,161 $358,130
GTA 3,666 $415,066 1,991 $375,712
Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work.
I’m quite interested in the final paragraph of text above, as it would seem that Jason Mercer has a crystal ball that none of us plebes-in-the-trenches have. I’m not saying I disagree that the market will continue to be incredibly strong, but I think it risky to make such an empirical statement.
So, on to the Milton report . . .
Here’s the weekly Total Market Overview:
If you look at, for example, the price range of $0-$240,000, you will see that there is only one available property, yet there were 2 sales – obviously, one property came onto the market during the week, and sold right away or a couple of sales firmed up. Either way, with such a short supply of houses in the entry-level price range, now would be an incredible time to sell your home in that range.
Interesting to note is that the price range that was scalding hot for several months, $400,000 to $450,000, has seen a cooling off – not a lot of inventory but not much in the way of sales.
The graphical presentation of the Annual Summary:
And the tabular presentation of the information:
Looking at the year-over-year numbers, we have 100 listings now, compared to 561 12 months ago; we had 35 sales compared to 9 a year ago, and the average sale price is $100,000 over 12 months ago. That is largely reflective of the fact that many buyers who would have bought a $320,000 house a year ago are now buying houses in the $375,000 to $425,000 range.
Here’s the Market Absorption Rate:
And the Absorption Rate table:
Basically, what the table above shows is that if no new listings came on the market and sales continued at this week’s rate, there would be no houses left for sale in 3 weeks. Talk about a Seller’s Market!
