Experts predicted that October 2018 would have fewer sales and more homes available for sale than October 2017. It came as a surprise when the opposite occurred! The 7,492 homes sold by Toronto Real estate Board members was 6% more than October 2017, and prices increased by 3.5% year over year. 14,431 homes were listed on the MLS system, down 2.7 % compared to October 2017. The fact that sales were up and new listings were down suggests that market conditions have become tighter. With more sales and fewer homes for sale over the last 5 months, listing supply remains an issue in the Greater Toronto Area.
For the month of October, homes sold on average within 24 days and a list to sale ratio of 99%. BUT… that’s an average, for all types of properties in all areas in the GTA. In Vaughan it was 96% in 32 days, and in Durham, 98% in 24 days. In other areas it was always within 5% of the asking price in approximately 3 weeks. It’s obvious, that the market is very sensitive to price and if a home is not sold within 3 weeks, actions have to be taken, either to improve the property, the marketing or the price.
This is the market that a full time agent, a company that spend money on marketing, an overwhelming web presence, world wide access to buyers, services and staff makes a huge difference! Despite what some agents say, the agent and the company is the difference between selling and not selling.
This market will continue into 2019. It is truly the best time to buy and sell! Give me a call, let me prove to you why.
Have a great November,
Your Friend in Real Estate.
P.S. I am never too busy for your referrals.