The numbers are in for August, and like June and July before them, TREB is reporting that sales were up 27% over the previous August.
Despite the very dismal first few months of the year, year-to-date sales for the first 8 months of the year are now running at 2% HIGHER than 2008. That's quite the catch-up from the start of the year!
The average price is up less than 1/2% over last year, currently at $385,978
Interestingly, active listings are actually down 37% over last year - which, to me anyway, explains the rapid sales that are happening; more buyer competing for fewer homes.
An example of this is a house in Whitby, on Lofthouse. I had still had it on my watch-list from some previous buyers and it sat on the market for 73 days at the original price of $349,900 and then all of a sudden, there's a bidding war on it and it sells over asking price!
In Pickering, the hottest market segment is detached houses in South Pickering. Last month, 100% of the 17 detached homes were sold, 75% of the semi-detached were sold.
In terms of buyers or seller's market, here's the guideline
- If less than 45% of available listings sell, it's a "Buyer's Market"
- If 45-65% of available listings sell, it's "Balanced Market"
- If over 65% of available listings sell, it's a "Seller's Market"
In E13, for detached homes it was 48% and 100% respectively.
I've been showing some condos downtown recently, in C08 (south of Bloor, east of Yonge) and they've been flying out the door. Last month, 72% of listings sold for an average of 101% of list price!
A Word of Caution on Gift Cards
Finally, a word of warning when buying gift cards.
Especially if you pay cash.
It seems that some unscrupulous cashiers have not actually been putting the purchased amount ON the card and just pocket the cash.
When you buy a gift card with some money on it, ask the cashier to swipe the card and show you the money is there.
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