Real Estate in November
The Toronto real estate market continued its brisk pace with 7,642 single family homes sold in October, bringing the total number of sales in 2011 up to 78,012. 2011 is projected to end with over 90,000 homes sold, marking it as the second best year (after 2007) in the 80+-year history of the Toronto Real Estate Board.
While the market is extremely active, it’s important to realize that all homes do not sell! As of the end of October, 132,785 new listings were taken in 2011 with 78,012 sold or 59%. While this % sold is amongst the highest ever, it also means that 41% or 4 out of 10 listed homes did not sell. Of the homes sold, the average list to sale price was 99%, taking 25 days to sell.
As we continue into the Fall market, the supply of homes for sale stands at 17,794, giving ready buyers an opportunity to see several homes in their search criteria before having to make a decision.
New condominiums continue to be a promising long-term investment as builders offer good values on pre-construction prices. At Realtron, we are amongst the first to get great new projects. The next “hot” property which will be available shortly is 88 Sheppard (Yonge and Sheppard) by Minto. These units will be selling very quickly so let us know if you have any interest by filling out our Contact form at http://realtronhomes.com/contact-me/!
Have a great November, and please keep us in mind if you know or hear of someone thinking of buying or selling!
Your Friends in Real Estate.