Market Update – End of Summer Edition
Hi, I hope you are doing well & enjoyed the Summer? The first week back to school was hectic for many, and I know my kids were not happy about school or Fall/Winter coming our way… Thankfully, it seems we have a few more weeks of hot summer weather to enjoy 🙂
With the Fall real estate market approaching, I wanted to touch base & keep you updated on the current numbers. The link below provides the current resale market figures in the Greater Toronto Area (including Toronto, York Region, Peel, Durham, etc.). This report allows you to see how your specific area is doing, and the front page provides a useful snapshot….
– Fewer # of sales this August 2012 (12.4% fewer sales year over year, however it should be noted that 2011 was the second highest year in the history of the Toronto Real Estate Board)
– 10.5% more active listings (increase in inventory, should allow buyers a little more time to shop around & negotiate)
– Average price increase of 6.2% year over year (this average reflects quite a big range: from -4% for condos in Toronto, up to +15% for detached homes in Toronto)
We continue to see an active market, however Buyers are proceeding with caution, having to adhere to stricter mortgage lending guidelines & taking a little more time to shop around. Some Sellers may have to be more patient, as average days on market have stretched, taking over 35 days to sell some property types in some areas, while other properties are still selling in less than 18 days (ex: Newmarket & Milton).
Let me know if you have any questions about property values in your area, or would like to know the current value of your home.
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