November 2018 Dear Friend,
Experts predicted that October 2018 would have fewer sales and more homes available for purchase 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 houses were listed on the MLS system, down 2.7 % compared to October 2017. The fact that sales were up and new listings down suggested that market conditions have become tighter. With more sales and fewer homes for sale over the last five months, listing supply remains an issue in the Greater Toronto Area.
For 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 three weeks. It’s evident that the market is susceptible to cost and if a home is not sold within three 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 spends money on marketing, an overwhelming web presence, global 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.