Average (mean) selling prices increased by 14% to $418,460 from the same time last year, reaching the 2nd highest monthly average price point in the last 2 years, with the highest peak between the 2 years being last month in October 2009 at $423,559. One of the strongest factors of the rising prices is inventory of listings which dropped by 49% from the same time last year, and unit sales doubled ultimately leading to higher demand and bidding wars, and as a result, higher selling prices. Inventory is steadily decreasing each month starting from March 2009 during which it was at 23,642 until today where it lies at 13,827 making it a strong sellers market. In 2008, it was the complete opposite – a buyers market – where inventory increased on a monthly basis. With such high demand, days on the market decreased by 37% from 41 days in November 2008 to 26 days in November 2009.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB), click here for the PDF version of the full TREB MarketWatch report.
