February 3, 2013-Toronto. The media would have you believe that the sky is falling and the market is crashing. My gut told me this was not the case in Downtown and Midtown Toronto for the month of January 2013. The FreemanTeam®, over 30 professional Realtors have a significant number of qualified buyers ready to buy now. Our predicament is there is  almost no  inventory. The “shop talk”  centers  around frustration…low inventory, multiple offers and the like. I decided to validate this in 8 several  keys communities of central downtown/midtown for the month of January 2013.

Eight popular  communities were carefully examined  in January for the percentage of active homes sold, sold percentage of asking price and   Days on Market. We found a market that lacks inventory,  where  almost 33%  of active listing sold on average for full list price (see chart above: Average 8 communities 100.28% & 32.80%).  The winners were Humewood/Cedarvale, Wychwood and Little Italy. All three of these desirable communities provided a range of well priced inventory in the $600K-$1000K range. The looser was the Annex with only 15% of active listings selling in January at 98.50% of list price. In the Annex a  lack of attractive inventory has been part of the problem.  Demand from buyers exists!!!

It is also interesting to note that the average number of days required to sell a property in all eight communities was a very strong 25.25 days. This compares favorably to the heady spring days of 2012.

January 2013

So what does the spring hold for many of these communities. If inventory levels remain low it is probable that we will see multiple offer situations popping up  especially  in the popular $600-$800k range.  What we need is more inventory in the affordable range coming up which will hopefully trickle up and jump start the  more moribund +$1000k range.

If you are looking for up-to-date monthly Real Estate stats, and evaluation of your property  and the ability to search all of the GTA’s available listings at the click of the button check out the MOST USER FRIENDLY & ADVANCED Real Estate web site at www.freemanrealty.com