2009 Begins As a Buyer’s Market
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TREB has their January stats up for resale properties. Looking at the numbers for downtown condos it is now very clear: we are in a serious buyer’s market.Ãƒâ€šÃ‚Â
Compared to January 2008:
- In C01 (downtown west), condo sales are down 58%, average prices are down 9.5%, and inventory is up 70%. The number of sales as a percentage of active listings was 12% versus 46% last year.
- In C08 (downtown east), condo sales are down 32%, average prices are down 12%, and inventory is up a staggering 116%. The number of sales as a percentage of active listings was 19% versusÃƒâ€šÃ‚Â 60% last year.
So the story continues as we have seen for the past three months. Prices are down about 10%, sales are about half of what they were last year. DOM (days on the market) has gone up nearly 100% (27 days last year for C01 and C08 versus about 45 days this year). This underscores how much of a buyers market it really is out there. Even if sellers have price their condo with the 10% deduction from last year built into their price, they are still finding that it takes much, much longer to sell than it did a year ago.
Click on the PDF icon to download the full stats package for the month for downtown.
Previous posts in this series:
- October 2008 Condo Market Update: “Is the Toronto Condo Market Crashing?”
- November 2008 Condo Market Update: “Tipping Point? Downtown Condo Prices Fall, Inventory Soars”
- December 2008 Condo Market Update: “Sales Down. Prices Down. Inventory Up & Down?”