Toronto Real Estate Market Report: September 2009 Statistics
October 5th, 2009 Categories: Market Reports, News Wire
Just in! The Toronto Real Estate Board (TREB) has just released the September 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 September 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 3,341 sales, an increase of 31% compared to the 2,546 sales written last year at this time.
Also in the City of Toronto, the average price in September 2009 was $437,182, an 11% increase from the $393,648 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 8,196 transactions for September 2009, up 28% from the 6,424 transactions written in the same period last year. The average price was $406,877, representing a 10% increase from the $368,549 recorded last year at this time.
For the GTA, inventory was down 42% compared to a year ago, from 27,373 to 15,894 properties listed for sale. The sales-to-inventory ratio for the month was approximately 52%, compared to 23% recorded this time last year.
Days On Market (DOM) was reported as 27, 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
The squeeze on inventory continues, although the sales-to-inventory ratio has shown a slight improvement (52% this month as compared to 59% in June 2009). Upward pressure on average prices comes as no surprise. Anticipation of a strong finish for the year, sales-wise.
What a difference a year makes.
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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