What a year! We started 2009 in the depths of a frightening recession and ended up with one of the most robust real estate markets in recent history. To help understand what kind of remarkable turnaround we have just experienced, we should compare the recent market to the market in January 2009.
At the end of December 2008, Toronto Real Estate Board (TREB) reported sales of only 75,552 transactions - the lowest since 2001. Last January the average (mean) price in the GTA had dropped to $343,632 and we had approximately 20,450 listings on hand which represented over 7.6 months of inventory. The GDP was plummeting, consumer confidence was at one of the lowest levels seen in years, and real estate just wasn't moving.
Compare this to the most recent results in November published by TREB. The average (mean) price hit the highest point in the year with the average home selling for $418,466. This represents a remarkable 22% increase from the beginning of the year. Inventory of listings dropped to 13,827, representing a decline of almost 32%. Real estate was 'flying off the shelf', leaving less than 2 months of inventory on hand. TREB is on track to sell a whopping 86,000 listings by year-end, which would be the 2nd highest sales total in history!
To read the complete article as it appeared in the December issue of our monthly e-newsletter, please click on the link below:
If you are thinking of buying or selling real estate in 2010, please call us for a complimentary Current Market Assessment of your home. We are a dedicated team willing to go the extra mile in providing knowledgeable, professional service in an upbeat manner.
Paul Magnus and Timothy J. Burke - Sales Representatives
Coldwell Banker Terrequity Realty, Brokerage - 416-833-1200