Condo townhouse and high-rise suites increased their share of the market to 35% as they usually do in January with 1,526 units being sold.
The January average sale price for all GTA homes came in at $552,575 - up 4.9% from 2014.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be. We had a 20% decline in inventory for the month of January compared to historical numbers and lower by 2.5% from last year at this time.
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 January that ratio finished at 37.5% - up 3% from last year's result and about normal for this time of year. By the numbers, the overall market is in 'moderate' seller market territory!
The days-on-market average for the entire Toronto Real Estate Board was 31.
There's still higher buyer demand than the number of available listings can handle.
Just after the stats were released to the public the typical press headline was that sales were up but they actually were right at the average for January over the last 14 years
Lower Interest rates cause a buying frenzy
Sales were up 6.1% for January compared to last year with 4,355 houses and condominiums changing hands in all the districts.
- February 20, 2015
CENTURY 21 Innovative Realty Inc., Brokerage*