Calling all buyers. If you don’t act now you might miss an opportunity to purchase your next property, on sale.
The Toronto Real Estate Board reported that 16,469 listings were added in September, a 9.4% increase over last year. The number of listings that are currently active increased by 69% when compared to 2016. The month over month comparison provides a deeper analysis of the current market situation. New listings were up by 43% and active listings were also up by 16%. This increase was anticipated as homeowners expect an uptick in buying activity as we move through the fall.
GTA realtors sold 6,379 properties in September, a 35% decrease year over year. Sales were flat when compared to last month, indicating that buyers continue to be selective when purchasing a property. Toronto Real Estate Board President indicated that “as we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace”.
The average price for all types of homes in the GTA increased by 5.9% to $775,546 when compared to last month and still remains 2.6% higher when compared to September 2016.
During the month of September, a property in the GTA took an average of 24 days to sell, while last month it took homes 25 days to sell. Communities such as Markham & Stouffville had their days on market (DOM) drop to 27 and be more in line with the rest of the GTA. Watching the DOM plateau over the past few months indicates that the market is stabilizing and remaining balanced.
What does this all mean?
As the fall market begins, new listings have increased dramatically and the pace of sales in the overall marketplace has slowed. At Benczik Team Realty our sales have grown in September by 271% over last year. Understanding and knowing how to work in a shifting market is the reason for our team’s ongoing success. Based on the numbers, buyers may have the advantage in the mid to higher markets, but we are finding that buyers are having to compete in the mid to lower markets where inventory is less. For those looking to purchase in the mid to upper range market, indicators are pointing to a potential shift and buyers should begin getting off the fence and getting into the market. The ship is starting to sail, are you on board?