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Toronto & 905 Real Estate Market Update for September, GTA Prices & Statistics

The Greater Toronto Area’s Autumn real estate housing market report.  House Prices, Sales Volumes, How Long Does it take to Sell a Home Statistics.

Mississauga Housing Market StatsAlthough housing activity in the GTA remains moderate in September, we’re continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities reports TREB.

With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.

The variation in real estate sales from 416 to 905 – a 23 to 11 Percent Difference

In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.

In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.

A Personal View on the Real Estate Market Conditions

Despite the decrease in sales, prices are holding their own.   In our offices (covering Toronto through to Hamilton) we experienced several multiple offer situations this week and I am sure we were not alone.  Buyers are demanding more, but if a Seller is offering a move-in ready home at fair market value – the activity to attract buyers is there.

I feel we are back to a serious market place.   More attention needs to be paid to analyzing recent sales in the area for exact pricing.  This isn’t the market to drastically overprice a property in hopes of going fishing.   We need to fine tune the marketability of a home with staging, basic improvements and professional photos to showcase a home to today’s buyers surfing the net.   No photos could mean your listing will be overlooked by potential buyers.   Interview your realtor wisely and review their marketing proposals.

Toronto Real Estate House PricesAverage House Prices in the GTA for September up slightly

At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.

416’ers

In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.

905’s

In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.

“The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment,” said Ms. O’Neill, TREB President.

The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.

How long does it take to sell a house in torontoNumber of Days on the Market

The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.

Hot Neighbourhoods:

Featured Top 3 Areas that stood out in the first two weeks of the month:

Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.

In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.

Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.

New Home Sales:

Unfortunately we don’t receive the exact data for New Homes Sales as quickly as we can resale but we’re able to report that July produced the highest monthly sales for High Rise product this year.

With 2,285 sales, there were more High Rise units sold in July 2008 than any other month so far this year. On the other hand, it was the lowest monthly sales for Low Rise product this decade with only 850 units sold.   

For more information on the housing market visit us at www.suttonrealty.com

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