Real Estate Market Still Healthy!
Well, I just did my monthly review of the February sales numbers for the Toronto Real Estate Board today. The numbers in general, are still very strong in the GTA.
Sales have dipped slightly compared to 2012. In February 2013 there were 5,759 sales reported on TREB which is lower by 15% off the 6,809 reported in February. Last year February had 29 days so there was an extra day of sales
Inventory has gone UP year over year. The are 15,969 homes for sale on TREB which is up by almost 10% over February last year. With 15,969 homes for sale and 5,759 sales in February, this gives us a 2.8 months supply of inventory. Generally speaking we are still in what is considered a “Sellers Market”. There are of course some areas and price ranges that are really hot and others are more balanced. What’s interesting is that the number of new listings coming on the market has slowed down this February over last. I’ll keep an eye on this as we’ve been dealing with a tight inventory supply and it’s been a welcome relief to have a few more homes on the market.
What’s going to happen? My opinion hasn’t changed at all. Sales will remain healthy and prices will increase slightly over the year. With the increased inventory in many areas, buyers will have more choices and so sellers will need to be careful to price their homes right. As far as I’m concerned, these are perfect market conditions right now.
Who do you listen to? There is so much confusion out there with mixed messages being reported. If want to get a clearer picture, please give me a call. And remember, if you know anyone who needs help with real estate and is looking for an agent, I have a good one in mind!