As the residential real estate market wrapped up 2019, it ended on a high and continues to heat up as we enter the cold of winter. Inventory levels of homes for sale across the GTA are down over 35% leaving a very limited supply of only 7406 homes available to purchase. It is ‘normal’ for inventory levels to be lower this time of year but the current Months of Inventory Ratio of homes sold to homes available shows us just over a month and a half of inventory, we would be sold out of residential real estate in just over 45 days if another home was not to come up for sale. With sales volume was up 17% over last December expect continued high buyer demand for real estate throughout the GTA.
Annualized, the average price for a home is up 4% over last year with the volume of sales of up over 12%. The appreciation number of 4% is a very healthy number but expect that number to rize as we enter the first quarter of 2020. As strong demand for residential real estate continues, prices will gain momentum and as inventory levels stay low. If you were considering selling, now is a good time, as the market has definitely leaned towards the sellers side for the time being.
The condominium market also ended the year on a high with prices up over 10% for the month of December and sales volume up almost 6%.
There were also many new releases of new condominium developments throughout the fall and the beginning of winter. With continued strong investor and end user interest we will be sure to see many new releases come from developers this spring. I am always happy to discuss new development and investment opportunities around the city, please do not hesitate to contact me.
It is an exciting time for real estate throughout the GTA and I am here to help you navigate it as I am never too busy to address any of your questions.
Please contact us anytime. We love to talk shop!