February 5, 2013
So much for media predictions. 2013 is off to a great start!.
Well, I just went through the January sales numbers for the Toronto Real Estate Board today. Contrary to what has been reported in the media over the last few months, the real estate market is very strong.
The number of sales are almost identical to 2012. In January 2013 there were 4,375 sales reported on TREB which is only slightly off the 4,432 reported in January 2012. This years’ numbers are actually 4% HIGHER than January 2011 and nobody was complaining about the market then.
The number of homes for sale has gone UP year over year. The are 14,231 homes for sale on TREB which is up by almost 16% over January last year. With 14,231 homes for sale and 4,375 sales in January, this gives us a 3 month supply of inventory. That number shows the market is still tilted in favour of sellers in general. There are of course some areas and price ranges that are really hot and others .... well not so much.
The Town of Milton? Milton is still one of the strongest markets in the country. The number of sales in Milton has risen by 23% over last January. The number of homes for sale has gone up dramatically over last year but we still have only a 2 month supply of inventory. Again, there are many variables depending on the property type and price range.
What’s going to happen? In my opinion, it really looks like 2013 will be another strong year. Although we may not see some crazy numbers like we have in the past, there doesn’t seem to be any fear of a market dive or even a fizzle. Sales should remain strong and prices increase slightly over the year. With the increased inventory in most areas, sellers will need to price their homes directly in-line with the market and not as many properties will be going to multiple offers. Buyers should have more choices which is a good thing. “Move up” buyers will benefit from this as they have a better chance of finding the home they want AND it won’t be an issue to sell their current home as long as their price is in line. As far as I’m concerned, these are perfect market conditions right now.
Who do you listen to? There are multiple opinions on what’s going on out there. If you’re confused and want to get a clearer picture, please give me a call. If you know anyone who needs help with real estate and is looking for a good agent, I have one in mind!
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