Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 a 17 percent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007, which, by the way, was a record year.
After a slow start to the year, existing home sales rebounded during the second half of 2009 said TREB President Tom Lebour. As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada. The average home price in 2009 climbed four(4) per cent to $395,460.
Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter, said Jason Mercer, TREB Senior Manager of Market Analysis. A greater supply of listings in 2010 will see home prices grow at a sustainable pace.
January 2010 has so far exceeded market expectations, at least from our own experience with our buyers and sellers. Here are some interesting stories worth mentioning:
A semi-detached that we listed in Pickering received three offers a couple of days after it was listed, the highest semi-detached sold on the street at $20,000 over the listing price!!!
After a week of searching for the right house for a young couple who are in the market to buy their first home, we found the perfect starter bungalow for them. On the day of the offer presentation, ELEVEN (11) offers came in and the house sold for much more than what our buyers were willing to pay!!!
A home which we showed to a client looking to move up to a larger home, listed for $598,000 ended up selling for $688,000!!!
In many areas in the GTA, it is a Seller's Market so while others are still busy preparing to put their homes on the market, it is wise to beat others to it, list your home NOW and get the highest price on your home, in the shortest possible time and with the least amount of inconvenience to you and your family.