October 2019 Stats are out, and if I must say myself, they are pretty “stunning”!!
Here’s the short hand version of what you need to know before you call me for help 🙂
*Sales SOARED by a whopping 14% compared to last October DESPITE the fact that New Listings fell by almost 10% and TOTAL LISTINGS SAGGED BY 19%! That’s putting a truckload of pressure on buyers to get what they want in this market!!
The composite benchmark % rose by almost 6 points…which is the highest increase and strongest rate of growth since December 2017.
Fortunately, however, average sales prices only went up by 5.5% to an average of $852.1K in the GTA. But don’t sit back and relax yet! Things are very different in the city of Toronto as you can imagine, where inventory is still woefully low and demand is still frustratingly high! In fact, if you want an “affordably priced” detached home, you’d better get in the car and start driving. Sales of detached homes in the 905 versus #thesix were 3:1!! I’ll meet you there!
CONDO sales inched up by 4.4% but prices ballooned by almost TEN %!!
Toronto only has 1.8 months of inventory…so if everything sold in that time, well, we’d have nothing to sell and I’d have to go look for another job! And we don’t want that.
The city’s East end and condos are what’s driving sales these days, while we wait for Toronto citizens to list there homes.
A quick look at prices in the city:
Detached homes cost on average: $1.3ML and in the central core: MORE IS MORE..almost $2MILLION
Semis.…………………………………… $1.1ML and in the core, a mere $1.350KK
And condos in the city run for about $663K on average but in central $748K
And did I mention you, as a buyer, have about 19 days on average to get your deal done. Good news for sellers but bad for buyers’ and their agents’ mental health! So be good scouts out there and BE PREPARED! financially and psychologically to pull the trigger when you find “the one” ….or CLOSE to “the one”…
As I tell my clients repeatedly…
“That moment of absolute perfection, never arrives”. But I can get you damned close to it. Just connect!