(This Report is Prepared By The Real Condo Investors Team)
There were 1,566 new high rise sales in November 2013 from 468 active projects (“active” means actively selling units). 67% of those sales (1,055) were from the 156 projects in pre-construction, 29% (451 units) were from the 252 projects currently under construction and 4% of November sales (60 units) were from completed projects.
Remaining inventory at the end of November 2013 was 23,699 units. That’s down -1.4% from last month and up +8% over the last 12 months. That total remaining inventory figure breaks down into 13,968 (59%) unsold units in pre-construction projects; 8,435 (36%) unsold units in projects currently under construction; and 1,296 (5%) unsold units in completed projects.
Looking specifically at the historical performance of this November compared to previous years, the 1,566 high rise sales were down -9% from last November and down -18% from the 10 year average sales for the month of November.
Looking ahead to our December results we can see that historically the month of December has ranged from a low of 217 sales in the credit-crunched December of 2008 to 2,167 sales in the rebounding December of 2009. The 10 year average for the month of December is 911 sales with December last year coming in at 561 sales.