Year 2009 is slowly coming to an end. The last but one TREB report offers us a brief look at the November 2009 real estate market.
First thing that everybody is going to notice is the number of sales, or better said – the difference between November 2009 and 2008. 3,640 units sold compared to the latest number of 7,446 units sold – that means there was 105% jump in sales!
However, month-to-month sales change was negative – more than 1,000 units drop from 8,476 units sold in October 2009. Despite this fact, slower inflow of new listings (9,923 items) cut the overall stock down to 13,827 items in the GTA MLS, compared to 14,771 items in October (not to say compared to 27,037 items year ago…). Days on market indicator holds position on 26 days since October; it was 42 days year ago. Year-to-date sales were up 14%.
When we turn our attention to prices, year-to-year average price grew by 14% to $418,460; average price gained 4% and reached level $394,464 considering year 2009 only. Median price jumped up to $353,800 from $312,250 recorded during November 2008.
105% change in sales shows us what can be expected in upcoming reports, when we will be comparing dismal winter 2008/2009 with fresh boosting numbers. As said by Jason Mercer, TREB's Senior Manager of Market Analysis. "As we move into the spring, growth rates will move to more sustainable levels."
Official TREB report