Hot off the press, Toronto Real Estate Board (TREB) just released figures for mid-December 08.
Note that these stats include all homes listed on TREB, both in 416 and 905 areas.
1) Number of Sales on TREB down by half over last year
Greater Toronto Area reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago. This includes all 416 and 905 homes listed on TREB.
The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.
(Note that these figures are simply the total $ value of sales divided by number of homes sold, as such it does not accurately reflect how much home prices are falling. For example, currently more lower priced homes are being sold and this affects the weighting.)
In the 416 area (GTA), 619 transactions were recorded during the first half of this month, from 1,402 sales during the same timeframe a year ago.
The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.
In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.
The 905 region's current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.
2) Number of Listings up 45% over last year
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago.
3) Average Days on Market 43 versus 33 last year
The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. (Note that this reflects how long the homes that sold were on the market, for the many that overprice and have not yet sold the days on market is likely much longer.)
4) Sellers are achieving 96% of their listing price, as compared to 98% a year ago.