In December sales were up 16.3% compared to last year with 4,399 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were up by 6.8% with a 36.1% share of the market and 1,590 units being sold.
The December average sale price for all GTA homes came in at $837,788, up 11.8% from one year ago.
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 December compared to historical numbers was lower by a huge 35% compared to last year at this time.
This inventory imbalance is causing price increase in many, but not all, GTA districts.
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 December that ratio finished at 59.4% - almost 27% above last year and the highest we’ve seen this year – indicating a continuing strong, steady market as we start to move into the 2020 spring market.
The days-on-market average for GTA / Toronto homes was 29 days, 5 days slower than November.
Here’s a snapshot summary of the significant real estate milestones for Toronto in December + Year-End 2019… with the highest appreciation rate so far in 2019!!
- December sales up 16.3% compared to last year (4,399)
- The ratio of sales-to-listings jumped up to 59.4% in December – highest for the year
- The December average sale price came in at $837,788– up a positive 11.8% compared to last year
- Note that the overall 2019 year-to-date market average # is the highest we’ve seen all year ($819,319… up 4.0% from 2018)
- The GTA real estate market overall averaged 29 days-on-market
- Detached home sales in December 2019 with a purchase price over $2,000,000 were up 73% (114 houses) while condo apartment sales over $2M were lower by 31% (9 suites)
- The CONDO share of the market was up slightly at 36.1% during the month
- Downtown condo active listing numbers were up 3.3% in C01 and basically flat in C08 from last year at this time
- December condo sales were up by 7.7% in C01 and up in C08 by big 33.3% compared to 2018
- The downtown condo days-on-market average was 23-26 days – 3-6 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was up in C01 (71.9%) but slowed slightly in C08 (66.7%) - Both were still much higher than in the overall market (59.4%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 5.9% to 6.8% year-over-year… highest that we’ve seen all this year.
- Sales numbers have now increased in many 905 neighbourhoods although appreciation percentages are lower across the board in the 905.
- December and January are usually the slowest months of the year but December was an outlier with higher than expected sales and price appreciation. We can confidently expect 2020 sales numbers and prices to increase as we progress into the typically busy spring market, mainly due to increased demand and lack of supply.
Watch the video to get the complete December 2019 Market Report details.
Here's the complete text version of the December 2019 Toronto Real Estate Market Report to read.
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