In September sales were up 22% compared to last year with 7,825 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were stable with a 34% share of the market and 2,661 units being sold which is a 16% increase from 2018.
The September average sale price for all GTA homes came in at $843,115 up 5.8% from one year ago. This average is now up 8.9% from the average market high 2 years ago back in September 2017.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of September compared to historical numbers was lower by 14% compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and is probably keeping us from seeing a price appreciation slowdown in some GTA locations.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In September that ratio finished at 45.4% - almost 15% above last year and slightly below August of this year – indicating a continuing strong, steady market as we start to move through the fall market.
The days-on-market average for GTA / Toronto homes was 23 days, 2 days faster than August.
Here’s a snapshot summary of the significant real estate milestones for Toronto in September 2019… the highest year-over-year appreciation number in 2019!!
- September sales up 22% compared to last year (7,825)
- The ratio of sales-to-listings dropped very slightly to 45.4% in September
- The average sale price came in at $843,115 – up a positive 5.8% compared to last year
- Note that this overall market average is almost 9% higher than the average 2 years ago in September 2017
- The GTA real estate market overall averaged the days-on-market at 23
- Detached home sales in September 2019 with a purchase price over $2,000,000 were up 32% (218 houses) while condo apartment sales over $2M were up 14% (16 suites)
- The CONDO share of the market was steady at 34% during the month
- Downtown condo active listing numbers were up 8.6% in C01 and increased in C08 by 13% from last year at this time
- September condo sales were down 7% in C01 and up in C08 by 19% compared to 2018
- The downtown condo days-on-market average was 18-22 days – 1-5 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was somewhat matched in C01 (52.8%) and in C08 (68.3%) but both were still much higher than in the overall market (45.4%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 4.3% to 5.3% year-over-year… consistent with what we’ve been seeing all this year.
- Sales numbers have now increased in many 905 neighbourhoods although appreciation percentages are lower across the board in the 905.
September usually means the start of the fall market where more condos and houses are listed and sales increase from the summer months although that didn’t happen this year. This trend may follow through for the rest of the fall market thru the end of November.
Watch the video to get the complete September 2019 Market Report details.
Here's the complete text version of the September 2019 Toronto Real Estate Market Report to read.
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