Home Sales Strong on Lack of Supply

I wanted to highlight where the strength in our market is coming from for 3 areas west of downtown.

W12 - (includes Port Credit and Mineola East/West):

1. January 2010 sales (36)have already passed the total sales in all of January 2009 (33 sales).
2. January 2010 active listings are 146 versus 250, down 40%, very low supply - sellers market.
3. Active listings have increased since the end of December 2009 from 131 to 146. Last month is a tough month to compare with (due to holidays), so looking at November 2009 - listings then were 183, so we are down from those levels. Indicating that supply has not improved.
4. The median selling price thus far in January 2010 is $382,893 versus $$364,000 for the month of January 2009.

W13 - (area includes Lorne Park, Clarkson and West Port Credit)

1. January 2010 sales to date (17) are essentially the same as during all of January 2009 (18 sales).
2. January 2010 active listings currently sit at 117 compared to 187 at the end of January 2009. This is over a 30% drop in supply.
3. Active listings have dropped since the end of November 2009 by almost 30%. Again tight supply conditions.
4. The median selling price to date this January is $350,000 versus $$390,000 for January 2009.

W02 - (area includes Bloor West Village)

1. January 2010 sales have already passed January 2009 levels, 25 versus 19.
2. Today active listings sit at 66 versus 147 at the end of January 2009.
3. Since month-end November 2009 active listings have dropped from 85 to 66.
4. An interesting stat is that 56 homes sold in December 2009 and at month end in December 2009 there were 62 active listings. Statistically, the sales/listing ratio is near 90%. This is in-line with the month of November 2009 when there were 84 sales and 85 active listings at month end. Indicating a very strong demand for this area.
5. The median selling price to date this month is $405,000 versus $418,000 in January 2009.

On a big picture view, what this all means is that supply is low, and we are in a sellers market. If you like to idea of moving quickly and without the risk of having your listing sit for a long time, now is the time to consider selling.

PS - Median is the middle of all data - if you have 5 numbers it is the middle number.

data from Torontomls