Curiouser And Curiouser: Will it be a record year for Ajax-Pickering, Whitby real estate?

The Toronto Real Estate Board president, Maureen O’Neill, put out the latest figures on how the real estate market is fairing this year.  All things point to the second best year on record:

HouseWith 7,915 transactions, activity was up 10 per cent over the previous best for the month, set in 2003. Sales were also up 15 per cent over last October.
October’s strong performance has pushed year-to-date activity 12 per cent ahead of last year.
There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area,’ said Ms. O’Neill.

The overall activity for Pickering, Ajax and Whitby is up this year.  There were less listings, 1024 active in October 2007 vs. 1173 in October 2006. And there were more sales this October396 vs. 342.  Which means the market should be pretty good.

Let’s throw some other numbers into the mix:

  1. Percentage of listings sold:  If there were 396 sales and 1024 active listings, then only 39% of the listings are selling.  So you have a one in three shot at finding a buyer for your house.  CMHC reports that anything less than 45% list to sales ratio is a buyer’s market.
  2. Average sale price:  The average sale price in the 3 communities of Pickering, Ajax and Whitby was $291,028 for last October.  For this October, it was $299,850.  Not bad, a 3% increase.  Increasing prices usually indicate more of a seller’s market.

Any statistician is going to caution you about looking at statistics in isolation because there can be a lot of variables that influence any of these numbers.

For example:  the average price can spike upwards with a few luxury homes being added to the mix.

Bottom line is that it is a balanced market. Buyers are getting what they want, nice houses at good prices and sellers are getting what they want, home appreciation.What does it mean to you as a buyer or seller?

  1. As a seller, you need to be the best house for the money to entice a Graphbuyer and be in the 39% that are selling.
  2. As a buyer, prices are steadily rising and expected to continue that trend next year.  It is a great time to get in the market and ride that upward slope.

None of this information should scare you away from the market.  It is information that you can use to make a good decision about buying or selling a home.

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