Toronto Real Estate Market Report: May 2009 Statistics
June 5th, 2009 Categories: Market Reports, News Wire
The numbers are in! The Toronto Real Estate Board (TREB) has just released the May 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 May 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 3,777 sales, an increase of 1.78% compared to the 3,711 sales written last year at this time.
Also in the City of Toronto, the average price in May 2009 was $432,478, a 0.41% decline from the $434,271 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 9,589 transactions for May 2009, up 1.89% from the 9,411 transactions written in the same period last year. The average price was $395,609, representing a 0.64% decline from the $398,148 recorded last year at this time.
For the GTA, inventory was down 21.06% compared to a year ago, from 27,267 to 21,524 properties listed for sale. Days On Market (DOM) was reported as 35, compared to 31 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
Buyers have roared back into the market. But don’t read too much into that news. Although the spring market is traditionally the strongest in real estate, you have to take into account that recent performance can be attributed to traditional activity PLUS pent-up demand as many buyers who lost their confidence during last fall’s economic meltdown have rationalized their situation, and made the decision to buy. However, as demand is met, activity may pull back and the roar may fade.
The market continues to benefit from extremely low interest rates.
We are seeing multiple offers throughout Toronto, as buyers compete for fewer properties (yes, supply is depleting as fewer sellers list their properties). And yet this is a great time for sellers to be in the market as buyers are willing to compete and the average price decline is minimal compared to last year at this time, a result of tight resale market conditions.
A little something for everyone in this market, non?
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.
To get this monthly update delivered via email or to your RSS reader, please Subscribe.
