A Strong Seller’s Market And Multiple Offers Are Back For 2020! Don’t Miss The Boat!
If current trends continue, the 2020 G.T.A. real estate market is set to be a lively one! Demand continues to outstrip supply across the Greater Toronto Area. And, thanks to this low supply, an ever-increasing population and unrelenting buyer demand, home prices continue to trend significantly higher across the G.T.A.
Home sales in December were up by 17.4% year over year, bringing the total sales for calendar year 2019 to a 12.6% increase compared to 2018. “On an annual basis, 2019 sales were in line with the median annual sales result for the past decade,” says TREB in their latest market release.
All major home types participated with detached homes and townhomes leading the way. Detached home sales soared 26.2%; townhomes surged 19.2% while semi-detached homes and condominiums rose 12.1%% and 6.9% respectively.
The average selling price in December 2019 accelerated 11.9% year over year to $837,788 with detached homes leading the way. Detached homes surged 11.6% to an average selling price of $1,052,081. Semi-detached homes rose 6.5% to an average selling price of $805,144. Townhomes rose 7.8% to an average selling price of $672,709 and condominiums finished the month up 10.4% to an average selling price of $612,464.
New listings were down a significant -18.1% and active listings plummeted -35.2% year over year in December.
In the 416 Region, home sales growth was led by detached homes in the low-rise segment of the market, up an astounding 38.0%, and townhomes in the higher density segment of the market, up 14.2% year over year. Semi-detached and condominium sales followed behind, up 8.6% and 5.1% respectively.
Price appreciation in the 416 Region was driven by the detached home segment. Detached homes soared an impressive 19.5% to an average selling price 0f $1,363,357. Semi-detached homes rose 6.9% to an average selling price of $1,004,477. Townhomes were up 0.4% to an average selling price of $717,369. Condominiums performed strongly, up 10.3%, to an average selling price of $656,233.
In the 905 Regions, sales growth in December soared with strong double-digit gains across all major home types. Detached homes sales surged 23.0%. Townhomes sales soared 21.1%. Semi-detached homes rose 13.8% and condominium sales finished the month up 11.4% over last year.
Price appreciation in the 905 Regions was evident across all market segments. Detached homes rose 7.7% to an average price of $956,792. Semi-detached homes rose 7.0% to an average price of $706,651. Townhomes were up 11.1% to an average selling price of $657,577 and condominiums finished the month up 11.9% to an average selling price of $508,173.
Who remembers the market fever of 2017? Did you miss the boat then? Don’t miss it now! Market conditions are mirroring exactly the same trends we experienced in 2017! Home sales and home price growth are on a strong upward trajectory. Housing supply continues to contract. And, buyer demand and competition between buyers for available listings are fueling multiple offer scenarios, continually driving home prices higher!
Strategically timing the sale of your home has never been more important than it is right now. If selling your home is in your plans for 2020, list your home now to take full advantage of current market conditions before the market changes, when listing supply starts to climb. Home inventories traditionally start to increase following March Break and continue to rise through April, May and June.
Reach out to me directly at 416-606-2158 at any time or send a text/email to firstname.lastname@example.org and let’s get started today! Don’t delay – the 2020 market is poised to move at a very fast pace!
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