Toronto Real Estate Market Report: March 2009 Statistics
April 6th, 2009 Categories: Market Reports, News Wire
C’est fini! The Toronto Real Estate Board (TREB) has just released the March 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 March 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 2,398 sales, a decline of 5.1% compared to the 2,527 sales written last year at this time.
Also in the City of Toronto, the average price in March 2009 was $387,793, a 4.17% decline from the $404,652 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 6,171 transactions for March 2009, down 6.94% from the 6,631 transactions written in the same period last year. The average price was $362,050, representing a 4.81% decline from the $380,338 recorded last year at this time.
For the GTA, inventory was up 15.14% compared to a year ago, from 20,533 to 23,642 properties listed for sale. Days On Market (DOM) was reported as 40, compared to 30 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
The sales and price slide is slowing. In fact, TREB reports this month’s sales decline was the smallest year-over-year decline in the last five months. Nice! As well, the seasonally-adjusted rate of sales indicates an increase greater than what would normally be expected during the higher sales of a spring market.
With plentiful inventory and interest rates that remain at near-record lows, it would appear that buyers are taking advantage of 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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