Real Estate in September
By Elli Davis, October 10, 2009
We have offered you a brief snapshot from the last GTA realtors' report prepared for another Market Watch issue. Let's have a closer look at the results compared not only to the previous year, but also the previous month.
Number of items sold again jumped over the 8,000 mark. Reaching 8,196, realtors sold 2% homes more than in the previous months and 27% more than in September 2008. Year-to-date sales reached 66,437. This represents an increase of 4.5% when compared to the same period in 2008.
The average price passed the psychological figure of $400,000 ($406,877 exactly), gaining almost $20,000 since the previous month and is up 10% compared to September 2008. Year-to-date price was $388,417, with more than a 1.5% gain. The median price was $347,000 ($322,000 last year and $338,000 last month).
Despite this continuous growth, the stock of homes available on the market is not drying. Of course, compared to last year (when the real estate market drop was just accelerating) it is down by 42% (from 27,373 to 15,894 items), but remains the same compared to August (15,682 items). Also the inflow of new listings is stable, with 12,185 new listings which is slightly more than last month's number (10,632 homes).
However, we also can't say that the dynamics of the market are not changing – Days on Market indicator dropped from 30 to 27 days in just one month. To summarize, with constant price growth and reduced time needed to sell a property, market stock will probably begin to contract slowly.