September Market Analysis

The September Market Analysis is out! Listed below is a concise list and summary of the changes in the September real estate market:

* Lowest number of overall sales for the month of September since 2011 (6,379) although they were up fractionally from August

* The ratio of sales-to-listings dropped from August’s 38.7% to 33.5% in September – just barely a seller’s market

* The average sale price climbed slightly to $775,546 – still up 15% YTD compared to 2016 – because of higher sales of lower priced condos

* 2.6% average sale price increase from September 2016 (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years)

* Sales in the month were down 35% from one year ago

* The GTA real estate market overall averaged the days-on-market at 24 – still quick compared to many markets

* First-time buyer aspirations now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever’ 36.4% of the total market in September… about 3% more than average

* Downtown condo listings were lower by 8-15% from last year at this time

* The days-on-market average was 19-21 days

* The ratio of sales-to-listings for condos downtown ranged between 61.7% in C01 to 61.5% in C08 indicating a strong seller’s market… well ahead of the rest of the GTA

* The average sale price for downtown condominium suites is up by roughly $120,000 from 2016
* Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 25% year-over-year

* Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – every district is now showing that they’re in ‘buyer market’ territory

* Overall, it’s a perfect opportunity now in many neighbourhoods, with the increased inventory, for a buyer to find a home they fall in love with AND negotiate with the seller one-on-one for a change.

*Source: RE/Max Hallmark Realty Ltd., Brokerage