TREB reported 5,879 transactions for the month of September. The average selling price for these sales was just a little over $503,00 which is an increase of over 8.5% over 2011. When you look at the number of transactions versus 2011, the numbers reflect a 21% decrease, however, there were 2 fewer working days in September 2012 versus 2011. On a per working day basis, sales were still down 12.5% over 2011.
The key reason for the decline revolves around the stricter mortgage guidelines introduced earlier this year. These stricter guidelines are actually a positive measure to help keep the market from overheating. Even with these stricter rules in place, we continued to see substantial competition between buyers. The strong price increase we have been seeing is a function of low inventory from a historic perspective. It still is a good time to be selling. It isn't as crazy as it has been, but it is still all positive news relative to real estate. Mortgage rates are still hovering around the 2.99% for a 5 year fixed term. Awesome rates.
Here are my observations for those that are interested, on the Vaughan Real Estate Market. These quick facts and figures on Vaughan Real Estate and Vaughan Homes For Sale for September 2012 were taken directly from the numbers that the Toronto Real Estate Board publishes each month.
The Vaughan Real Estate market for September had 253 transactions in the month which was only a bit off the 265 transactions done in September 2011. The average price of these transactions was $603,962 which is substantially higher than the average for September 2011 of $556,437. A healthy increase for sure. The old supply and demand theory at work for us again.
Vaughan had 1008 active listings in September with homes selling for 98% of asking price with average days on market of 27 days. Breaking it down by segment shows that there were 144 sales of detached homes with an average selling price of $724,000. Semi detached homes had 24 transactions at an average of $498,000. Townhouses came in at 41 transactions for the month at an average of $489,000. The other major segment was condominiums with 33 sales at an average price of $$353,000.
Again, the Vaughan Real Estate Market remains positive relative to average selling price versus the prior year and with more buyers looking at fewer available units, the numbers make sense.
That's pretty much it for Vaughan Real Estate and Vaughan Homes For Sale for September. Watch for my October Market Update in the first week of November.
If you want to see these market update numbers for any month and for any area or region, please visit my website at www.AtYourServiceAlways.com and look at the left menu for the month you are looking for.
By the way, when you are dealing with any Realtor, make sure they know these facts as well. If not, find one that does. Have a great day.
The Vaughan Real Estate market for September had 253 transactions in the month which was only a bit off the 265 transactions done in September 2011. The average price of these transactions was $603,962 which is substantially higher than the average for September 2011 of $556,437. A healthy increase for sure. The old supply and demand theory at work for us again.
Vaughan had 1008 active listings in September with homes selling for 98% of asking price with average days on market of 27 days. Breaking it down by segment shows that there were 144 sales of detached homes with an average selling price of $724,000. Semi detached homes had 24 transactions at an average of $498,000. Townhouses came in at 41 transactions for the month at an average of $489,000. The other major segment was condominiums with 33 sales at an average price of $$353,000.
Again, the Vaughan Real Estate Market remains positive relative to average selling price versus the prior year and with more buyers looking at fewer available units, the numbers make sense.
That's pretty much it for Vaughan Real Estate and Vaughan Homes For Sale for September. Watch for my October Market Update in the first week of November.
If you want to see these market update numbers for any month and for any area or region, please visit my website at www.AtYourServiceAlways.com and look at the left menu for the month you are looking for.
By the way, when you are dealing with any Realtor, make sure they know these facts as well. If not, find one that does. Have a great day.
JOE ANDREOLI TEAM
