Thursday, March 12, 2009

February 2009 - Back to Normal? Kind of...



Life seems to have come back to the real estate market in the Greater Toronto Area (GTA) in February 2009. Although year-over-year sales were down 31.5%, the number of listings which were either suspended or terminated by the sellers or which had expired, came back down to a normal range.







The price-to-sales ratio decreased sizeably, because sales increased significantly from January 2009 (by 54.3%), although prices also edged up slightly to $361,305 (an increase of 5.14% month-over-month but a decrease of 5.43% year-over-year). For a full discussion of the price-to-sales ratio, please see this prior post: http://thenumberstheydontpublish.blogspot.com/2009/02/gta-still-too-expensive.html




Meanwhile, the gap between firm sales and conditional sales continue to narrow, indicating fewer buyers are willing to put in unconditional offers. For a full description of this, please see this prior post: http://thenumberstheydontpublish.blogspot.com/2009/02/gap-between-firm-and-conditional-sales.html








After spiking in November, it appears that the number of transactions that fell through has somewhat stabilized, although it did increase slight from January, and is general higher than most of last year. This may be an indication that the credit market has eased.









2 comments:

  1. A prices and sales-numbers bump seems to be a permanent fixture of the market in the GTA, or so the charts at guava.ca seem to indicate -- more sales and higher prices in February every year back to 2005.

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  2. Could you plot household disposable income on this graph? http://sites.google.com/site/torontorealestatecharts/HistoricalPrices

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