Trends and InsIghts from the December 2023 Market Stats
December 2023
December is typically a slow month for real estate and this past month was very similar to the pace we saw in December 2022.
We had 336 sales in West Toronto for December 2023 compared to 314 for December 2022.
We have seen a slight increase in price as well as an increase in the length of time that properties are listed on the market before they sell.
However, It is in the Active Listings category where we can see the biggest changes. There is an increase in inventory for every housing type.
Let’s break it down.
Months of Supply
Months of supply is holding at 2.5, but is up from the 2.0 we saw in December 2022. But what I like to look at is Active Listings:
There were 242 Detached Home active listings last month, compared to 116 the previous December.
Every home type has an increase in active listings right now, but the Condo market really is experiencing somewhat of a saturation. There were 622 active condos last month compared to 123 the previous Dec.
Average Price
The Average Sale Price across all home types in West Toronto for December was $998,532.00, up from November at $957,978.00 . The Average Sale Price has increased from $967, 766.00 from December 2022.
- We saw price gains in 2 home types compared to December 2022, in the Detached House market and the Attached/Rows/Towns market. Detached homes sold for $1,430,164.00 up from $$1,336,662 the previous year. Att/Row/Towns sold for $1,121,600.00, up from $1,024,250.00 the previous year.
- Semi Detached Homes and Condo Townhomes stayed almost identical to December 2022 price wise. Semi Detached homes Average Sale Price in December was $1,020,514.00. Condo Towns sold for $752,176.00
- With the increase in listings we saw a decrease in Average Sales Prices for Condo Apartments in December, with the Average Selling Price at $619,919, down from $670,089 in December 2022.
Days On Market and List Price to Sale Price
DOM are up to 36 days, from 25 days in November 2023.
Does the time of year influence this? Absolutely.
But there are other factors at play here – pricing, mortgage rates and more selection for buyers.
We did not see many bidding wars in December. Most properties on the market are selling for asking or just below asking price right now. We are still seeing some homes that are not selling and they could be overpriced for what the buyer demand is right currently.
Market Trends Insights
The Active Listings are up, as are the Days on Market.
If you were to compare this to the last few years of real estate trends in West Toronto, I would say that according to these stats alone, it is a great time to buy.
However, there is speculation that the interest rates will fall. If and when they do, buyers and sellers who want to move and buyers who want to enter into the market will start getting serious.
If you are considering buying a condo or condo townhouse, now is an excellent time to start looking. There are going to the be many options to chose from in the condo sector and there could be room for negotiation in many instances.