Prices are up 5% to $433,729 over this month last year even though the number of transactions is down 20% across the GTA.
In the Beach, detached homes sold for an average of $863,562 and the average price of a semi-detached home was $482,562.
Let’s take a look at the numbers comparatively from last year to this year both on a GTA-wide perspective and as a district snapshot of the Beach in E02.
new listings – 2010: 10,582 2009: 11,532
active listings – 2010: 18,305 2009: 14,771
days on market – 2010: 31 2009: 26
The Beach – E02
new listings – 2010: 111 2009: 128
active listings – 2010: 131 2009: 89
days on market – 2010: 15 2009: 18
sold % of list $ – 2010: 99% 2009: 102%
The numbers indicate that there has definitely been a softening in the market, although not as dramatic as the situation Canada-wide. There are more active listings staying on the market and listings are taking about 20% longer to sell. We’re also seeing about 10-15% decrease in inventory.
As with the seasonal slow down in the summer, we’re entering into the holiday season and we’re seeing the typical pattern of decreased inventory and buyers thinking about holiday shopping, not house shopping. This should make the perfect storm for the journalists who are ready to pounce on the bubble bursting storyline.
This season is a tough one for sellers. If they are still on the market at this time of the year, it’s often because they came onto the market at too high a price and may be dropping it to drive interest which as we said, has already dissipated. And if they keep their home on the market instead of taking it off and re-listing in the new year, it’s a good indicator that they have to sell and buyers should try and stay focused for possible deals.
This can also be a frustrating time for buyers who need or want to buy despite the season as inventory is typically stale and dwindling. Although most people traditionally think about holding off until the new year or the spring to sell, now can be an interesting time to test the market if you have a marketable home in a desirable location but move on quickly if there are no bites.
You can check out the housing charts below and click here for the full Toronto Real Estate Board Market Watch for October 2010.