Vaughan Real Estate - Vaughan Homes For Sale - Market Update – December 2011 YTD
First off, I’d like to wish my family, friends, colleagues, clients and followers of my blog a very Happy New Year. I wish everyone all the best for 2012. Here’s to a healthy, happy and prosperous 2012.
During my last update, I was chatting about the lack of snow and the same holds true for the fabulous start we have had for the month of January. With this lack of snow, we have been discussing the fact that with this, the spring market may start sooner than most people think. A good agent will recognize this and act accordingly with regards to their sellers and buyers
December was another crazy month from a real estate perspective and it capped off the second best year ever on record for the Toronto Real Estate Board. The entire GTA had sales of 89,347 units – up 4% in comparison to 2010. My colleague, Richard Silver, President of TREB stated that "Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs, and if Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” The same held true for the Vaughan Real Estate Market.
The Toronto Real Estate Board reported 4,718 residential transactions through the MLS system in December. The average selling price was $451,436 – up 4 per cent in comparison to December 2010. For all of 2011, the average selling price was $465,412, an increase of 8% in comparison to the average of $431,276 in 2010.
The question I get asked most often this time of year is “What’s going to happen next year?” TREB is forecasting a 4% increase in the average selling price versus 2011. This forecast is subject to a heightened degree of risk given the uncertain global outlook. I tend to agree with them and I believe we are going to have a great year in real estate. For me, the key is maintaining low interest rates. It will be interesting to reflect on this one year from today.
The Toronto Real Estate Board published December market statistics by area last week and I have reviewed the key indicators and will interpret the December numbers for the Vaughan Real Estate Market. In a nutshell, the market is definitely favouring the sellers these days. Inventory remains tight and there are still quite a few buyers aggressively looking.
Here are my observations for those that are interested, on the Vaughan Real Estate Market. These quick facts and figures on Vaughan Real Estate and Vaughan Homes For Sale for December 2011 were taken directly from the numbers that the Toronto Real Estate Board publishes each month.
The Vaughan Real Estate market for December had 199 transactions in the month which was actually down from the 283 transactions reported for November. Makes sense given the holidays. The average price of these transactions was $562,602 versus $549,336 for November. The average days on market was 27 days which is well above the year to date average of 21 days. Year to date sales have totalled 4,198 transactions with the average selling price at $567,258. Again, these are all healthy numbers.
If you break down the stats by house type, you will see that all segments remain strong. Detached sales accounted for 101 transactions for the month of December with the average selling price of these homes at $711,644 with the homes on the market for an average of 28 days.
Semi-detached homes represented only 18 transactions with an average selling price of $478,000. These homes were only on the market for an average of 20 days before selling. Super quick which tells me that inventory is very tight with escalating prices.
Condominiums accounted for 7 transactions and the average days on the market at 16 days which is low relative to the other segments.
That's pretty much it for Vaughan Real Estate and Vaughan Homes For Sale for December. Watch for my January Market Update in the first week of February.
If you want to see these market update numbers for any month and for any area or region, please visit my website at www.AtYourServiceAlways.com and look at the left menu for the month you are looking for.
By the way, when you are dealing with any Realtor, make sure they know these facts as well. If not, find one that does. Have a great day.
JOE ANDREOLI TEAM