Toronto Real Estate Statistics

Toronto Real Estate Statistics - November 2012

December 5, 2012 - The Toronto Real Estate Board today released November 2012's residential MLS® sales statistics which showed a continuation of the trend of recent months: Softening unit sales combined with higher average selling prices.

Specifically, the number of homes sold in November fell 16.1% to 5,793 [versus 6,908 in Novermber, 2011] and the average price rose 1.6% from $477,582 to $485,328.

The number of Active Listings continued to rise at 18,311 - up 17.8% year-over-year. Considering the 5,793 homes sold, the number of listings active represents a 3.16 month supply of inventory. This ratio reflects a balanced market, but the decline in the number of units sold has occurred relatively quickly, as has the rise in available inventory. If the trend continues, obviously this should have a negative effect on prices as supply rises and demand falls.

The decline in units sold was across the board, but condo units continued to lead the march lower, falling 25% versus November, 2011. Detached home sales fell 18% in the 416, and 11% in the 905.

Prices were hit hardest in the 416, falling 4% for both detached homes and condos. Their November 2012 averages were $741,480 and $350,540. Meanwhile, prices for both of these home types rose 3% in the 905, to $556,745 and $279,483 respectively.

The average "Days on Market" rose 1, from 29 to 30.

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