Worst Annual Sales Numbers In A Decade... 

By: Thomas Cook

Worst Annual Sales Numbers In A Decade... 

Sales were down 22.5% for December compared to last year with 3,781 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2012.
 
Condo townhouse and high-rise suites took a significant 39.4% share of the market with 1,489 units being sold.
 
The December average sale price for all GTA homes came in at $750,180 – this was a very modest 2.1% increase from one year ago.  This was just fractionally above the average two years ago in December.
 
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 and compared to last year at this time were both down almost 12%.
 
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices 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 December, that ratio finished at 33.1% - 4 percent below last year – and just slightly above the low point that we hit in September.  The GTA overall is barely into seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.
 
The days-on-market average for GTA / Toronto homes was 31 days, 4 days slower than in November.

Here’s a snapshot summary of the significant real estate milestones for Toronto in December and Year-End 2018… it looks like fewer people want to sell and there are fewer buyers in many of the outlying districts.

Expect sales and inventory to pick up as we progress out of January and approach the spring market where listings and buyers are most active - buyers should watch for more pricing opportunities to get the condo or house of their dreams.

Watch the video to get the complete December and year-end 2018 Market Report details.



Here's the complete text version of the December and year-end 2018 Toronto Real Estate Market Report to read.
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