Last month – August - there were 6,357 homes sold and we had a listing inventory of approximately 16,500 listings or about 3 - 4 listings per sale. The rule of thumb is that when you have a balanced market there is one sale for every 4 to 6 listings. It’s balanced because buyers have a good choice of homes that they could buy and they can negotiate at a slower pace with the sellers to come to a price that both parties are happy with. A sellers’ market is when there are less than 4 listings for every sale and that means buyers have fewer homes to choose from and bidding wars occur, as experienced over all the last few years. A buyers’ market is when there are more than 6 listings for every sale which puts the buyers at an advantage over the sellers in that they can find the most motivated sellers who need to sell.
As we enter the fall market, on average, there are 3 - 4 listings for every sale, so a sellers’ market still in most areas. Some areas of the city (Central Toronto) fit this model. Other areas of the GTA have 5 listings for every sale, or a balanced market. King City on the other hand has 10 listings for each sale, a buyers’ market. Condominium apartments on the other hand are a hot commodity, with one sale for every 2 listings.
Currently every segment of the market in the city is experiencing a “different market ” and that’s not taking into account detached or semi-detached homes, again, a difference that’s important to the strategy when buying or selling.
More than ever before, that’s the value an experienced realtor brings to the table, giving you the necessary information so you can make the right decision.
If you are trying to figure out the market, or have a friend who is considering buying or selling, please give me a call – I would love to help, however I can.
As always, thank you for your support and referrals – they are so appreciated.
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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.
Information is deemed reliable but is not guaranteed accurate by TREB.
Toronto Real Estate Board - IDX Last Updated: 10/21/2017 3:04:21 PM