It's a blustery Snowmageddon Day in Toronto. We're all bundled up! Here's a real time 3pm photo of my street. Brrrr!
If you're tucked in your pj's at home, why not have a cuppa cocoa and review the Toronto Real Estate Board's recently released January sales statistics! It won't take a moment!
There were a total reported 4,375 transactions through the Toronto MLS system in January 2013, which represents a minor 1.3% drop relative to the 4,432 transactions reported in January 2012.
Meanwhile, the average selling price for January 2013 sales was up 4.3% from a year ago to $482,648 (it was $462,655 in January 2012).
Here's what urbaneer.com is taking notes on, as we believe these are critical market indicators which bear monitoring:
- New listings were up 10.7% this January from January 2012.
- Active Listings also increased 15.8% from the year prior, meaning product is sitting on the longer and increasing the supply
- The Average Days On Market has increased from 32 to 37 days, which means it takes 12.9% longer to strike a deal.
- There was a 5.1% decline in condominium sales, with prices dropping 1.3% in the 416 area code.
Although there's no question that Buyers returned to the market in January after a waning shift in the Autumn, is there enough momentum in the market to extend this pent-up demand or will it quickly get absorbed? We're confident that the downtown freehold housing market is going to remain solid, but we're hesitant to say the same for the condominium market given there's a massive number of units under construction (some 60,000!).
Click HERE for some 2012 stats on the New Condominium market.
And to get a better taste of how the market is faring, click HERE for our recent 'Tales From The Real Estate Trenches'!
At urbaneer.com, we make it our mandate to keep you informed on the dynamics of Toronto's real estate market.
Have questions? Just pop us a note at your leisure, and we'll be sure to reply!
~ Steven and the urbaneer team