Low listing inventory = Highest ever average sale price

By: Thomas Cook

Low listing inventory = Highest ever average sale price

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our September 2021 Toronto real estate market report.
 
There was a 49% drop in the listing inventory during September as buyers came back from summer vacations.
 
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
September numbers came in strong with 9,046 sales of houses and condos across the GTA.  This is the third highest number of sales for September since 2000. A low supply of inventory contributed to keeping appreciation high.
 
Sales were down 18% overall from September 2020 although last year the market really took off that month.
 
Condo townhouse and high-rise suites took a much higher percentage of sales in September (37.6%) than normal signalling condos are back in demand.  3,401 units were sold in the month making that the highest-ever for the month of September.
 
The September 2021 average sale price for all GTA homes came in at $1,136,280… a big 18.3% increase compared to one year ago.  If you compare this September to September 2019, two years ago, the average sale price is up 34.8%.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory average for the month of September was down 49% compared to last year at this time with 9,191 active listings this year.
 
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.
 
With our busy market… the September ratio bumped up to 98.4% which is representative of an extremely busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was 2 days faster at 14 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in SEPTEMBER 2021 as we come to 18 months since the start of the coronavirus pandemic.


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