Toronto Real Estate Statistics indicate it's still a Sellers Market?! How do they figure?
The Toronto Real Estate Board November sales figures show that we are on track for one of the best years on record. Even though home sales in November were down 13% compared to November 2009, the superheated spring market boosted annual sales figures to near-record levels.
As for prices, the average price for November was $438,030, up 5% from a year earlier. The median price was $366,000 up from $353,800 in November ’09. So all in all, things are moving in the right direction.
Still, it’s worth mentioning that it took a bit longer to sell a home in November this year. The average ‘days on market’ in November was 33 in 2010 compared to 26 in 2009. That's an indicator that's worth watching, since it can signify a shift on the demand side of the market.
Where's the market headed?
So both price and volume are doing ok, but what about the sales-to-listings ratios. Alongside days-on-market, these ratios are probably the most significant indicators of where the market is headed in the near future.
When we look at 6510 sales occuring in November, and a total of 15,813 properties still on the market, we see that 41% of the listed properties sold last month. But then again, the total number of active listings on TREB was down 13% compared to last November.
Another way of expressing that would be to say that at the current level of sales, there is a 2 ½ month supply of homes for sale. We would usually say that anything above 25% or less than a 4 month supply of inventory is a Sellers market.
East End Toronto Real Estate Statistics
Now let's look at East End Toronto Real Estate Market, specifically the market areas E01, E02, and E03, which include The Beaches, Leslieville, Riverdale and Danforth Village, Danforth Mosaic and East Danforth.
- E01 had 67 sales, with 126 active listings at the end of the month, or a sales to listings ratio of 53% and an average price of $493,065. Average days on market – 22.
- E02 saw 62 sales, with 107 active listings at the end of the month, or a sales to listings ratio of 58% and an average price of $642,441. Average days on market – 18.
- E03 saw 104 sales, with 196 active listings at the end of the month, or a sales to listings ratio of 53% and an average price of $390,770. Average days on market – 24.
Comparing this to the overall Toronto Real Estate market, you'll see that East End Toronto (E01, E02 & E03) has a positive correlation between the higher percentage of sales to listings and the lower number of days on the market. Total TREB sales to listings were 41% and days on market were 33.
For the full Toronto Real Estate Market Statistics report, November 2010, see below for slide presentation. Use arrows to scroll through the presentation.
View more Slideshare Statistics presentations from John Helfrich
I’d love to hear your thoughts on changes in the Toronto Real Estate Market, especially regarding East End Toronto Homes. Please use the comment area below to share your views.