Toronto Real Estate Market Report: January 2009 Statistics
February 6th, 2009 Categories: Market Reports, News Wire
It’s a wrap! The Toronto Real Estate Board (TREB) has just released the January 2009 numbers for the City of Toronto, as well as the overall Greater Toronto Area (GTA). Let’s take a look at the numbers Toronto buyers and sellers need to know when making informed real estate decisions. If interested, click here for a copy of the complete January 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 1,106 sales, a decline of 48.03% compared to the 2,128 sales written last year at this time.
Also in the City of Toronto, the average price in January 2009 was $364,416, a 9.84% decline from the $404,202 average recorded during the same period last year.
The GTA reported 2,670 transactions for January 2009, down 47.39% from the 5,075 transactions written in the same period last year. The average price was $343,632, representing an 8.23% decline from the $374,449 recorded last year at this time.
For the GTA (including the City of Toronto), inventory was up 28.53% compared to a year ago, from 15,911 to 20,450 properties listed for sale. Days On Market (DOM) was reported as 49, compared to 36 days the same time last year. Keep in mind that DOM is specific to the contract, as a property can be re-listed (with a unique MLS number for each re-list) several times before the property is sold.
Toronto Real Estate
Market Observations
Lots of inventory. Price slide no surprise. Nervous buyers. Sales slide continues. Interest rates remain low. Buyers that can find their confidence will also find Opportunity.
Thinking of buying or selling? Numbers are helpful, but a knowledgeable Toronto real estate agent is invaluable. Call Lauren at 416–550–6991, or send me an email.
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[...] a year-over-year basis, sales and price continue to slide. On a month-over-month basis, sales and average price were above the January 2009 levels. Lots of inventory. Interest rates remain low. Interesting activity! Will buyers take advantage of [...]