December 2017…was it a Downer? Well it depends on your point of view, as always.
So let’s review the facts as opposed to the anecdotal info that is floating around out there.
And before you interpret what the numbers really mean…bear in mind that 2016 was the BIGGEST YEAR EVER IN THE HISTORY OF TORONTO REAL ESTATE ….just sayin’….
*December 2017 sales were DOWN by 7% compared to December 2016
*New Listings SOARED by 52%
*Total inventory is UP by 172% (I’ve not seen that kind of increase in my career in this biz)
*Because there was so much more choice for the Buyers, they could take some time to reflect on the best options for themselves, thereby extending the average days on market to 27 days….as compared to 20 days last year at this time. That is STILL a very quick market, and in some areas of the city, such as the East End, days on market are STILL single digits.
* Average sale prices are almost static with an increase of a mere .7%
If we look at the entire year vs. just December 2017, you will see that while sales were DOWN by 18%, average sale prices SOARED by almost 13% to $823K overall for the GTA…and that includes the lower priced CONDO market, which was (and still is) ON FIRE!
*Condo sales were also DOWN by 9% in December 2017 but the average sale prices ROSE by 14% to almost $533K in the city compared to last December and we are comparing data against a STELLAR year in 2016. Condo sales also represented 65% of ALL SALES in the city for December 2017. We are very concerned, however, about the future of supply levels of condos going into next year and beyond. The Government has NOT addressed the REAL problem of supply, with all their smugness about temporarily “cooling” the market demand.
“NATURAL SUPPLY AND DEMAND FORCES WILL ALWAYS TRIUMPH OVER REGULATORY TINKERING”!!!!
So What’s in our future for 2018? My crystal ball is “fogging up” with anticipation!
CONTACT ME….I can’t WAIT to share my insider knowledge, with an eye toward helping you make the best real estate decisions possible for you and your family in 2018.
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.