Welcome to the Toronto Real Estate Boards stats for mid January 2k10. We have entered into a very unusual market. We are starting this year firmly as a seller’s market. With an absorption rate in excess of 50%, on a monthly basis, multiple offers will continue on the most demanded products namely starter entry level homes and smaller condos.
The real story continues to be the reduced number of homes for sale coupled with a continued demand from nervous buyers looking for that first great starter home. Currently there are 11K homes for sale. That inventory level is thousands of units short of what we have had during January’s in the past few years.
January mid month sales for 2k10 are 2,025 units. Although this number seems a bit low, it is likely the result of a lack of good homes to sell as well as a typically slow start to the year. This mild spell in the weather is indeed keeping people active hoping to beat the rush of spring price increases. We need a clear increase in the number of homes available for sale. As this market has gotten tighter. We are observing more instances of multiple offers and in some cases, sale prices that are much higher than I even would have ever guessed. To put things into perspective, if the number of homes for sale doubled overnight, we would still be in a very stable market.
What I need to relay to potential sellers, is your need to understand this is a “perfect dynamic”. All the odds are in your favor and it’s hard to comprehend that there could ever be a better time to sell and get a great price for their house. The step between your property and what you truly want has never been closer. If you have a listing that hasn’t sold in these conditions, the only reasons can be price or condition. The easiest and quickest fix is PRICE.
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