November’s 5,793 homes sold brought the 2012 total to 82,200 transactions on track for 87,000 sales for the year. It will be a little short of my projected 90,000, but very close to expectations. Although the number of sales decreased by 16% compared to November 2011, the average selling price was up by 1.6% annually to $485,328. However, this is mainly due to the fact that the share of detached homes that sold for over one-million dollars decreased substantially. If you compare the price of a home with the same attributes over time, the average price was up almost 6% in Toronto.
In Richmond Hill, the average price in November was $669,812 – up 7.5% since last November. Aurora’s average price last month was $533,539, which was very slightly lower than the average price of $536,889 in November 2011. Newmarket saw an average price of $439,470 – up 2.7% since last year.
First time homebuyers continued to drive the market, with 60.6% of the sales being between $200,000 and $499,999. 1,379 transactions or 23.8% of the sales were condominium apartments between $200,000 and $399,999, as many single buyers chose the lifestyle that condominium living would bring.
As we continue into the winter market of December through February, it’s been the historic trend that the pace of sales slows down while the number of listings increase. This presents a tremendous opportunity for those buyers or sellers who want to “buck the trend” and purchase over the next month or two before more buyers enter the market and the number of listings available drop.
This “mini buyers market” is a time when you need an experienced agent on your side. If you know of anyone interested in buying or selling, or perhaps someone who has been unable to sell their property, please have them give me a call.
I am working in December so if you know of anyone needing real estate help or advice, please give me a call, I would be happy to help. I appreciate your referrals and will take extra special care of them!
All the best to you and your family in the Holiday Season!