November 2, 2023 | Podcast

Episode 38. Monthly Market Stats Update

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For the month of September, here are some key numbers before we dive in:

  • Total sales: 4,642 across the GTA.
  • Average price point: $1,119,428, up from $1,086,538 last September and $1,082,496 in August. So, the average price point is holding but on an upward trend.
  • Total listings for September: 16,258, a year-over-year increase of 44%.
  • That’s great news, right? The inventory is up, giving buyers more choices.

There was a time not long ago when buyers didn’t have many options, and that scarcity was driving prices up. Now, with more listings hitting the market, buyers and investors have more choices. Sellers, on the other hand, are still benefiting from the upward trend in average prices.
I’m glad our buyers and investors have more options now. It’s a healthier market when both sides have room to maneuver, don’t you think?

Absolutely! And the best part is that there’s no rush from either side. Sellers are still getting good value, and buyers can take their time exploring options without feeling pressured.
And what’s interesting is that some buyers are waiting on the sidelines, hoping for lower interest rates. It’s a common question: “Let’s wait until the rates come down.” What are your thoughts on that?
The rise in inventory is a significant boon for buyers, providing them with a more extensive array of choices. We’ve come a long way from a time when scarcity fueled soaring prices, and now both buyers and investors can navigate the market with greater flexibility.

Sellers continue to benefit from the upward trend in average prices, ensuring that transactions remain mutually beneficial. It’s heartening to see a balanced market where both sides have room to maneuver.
What’s particularly noteworthy is the absence of urgency from either party. Sellers are still securing good value, and buyers have the luxury of exploring options without the pressure of a frenzied market.
As some buyers wait on the sidelines anticipating lower interest rates, it adds an interesting layer to the market dynamics. The question of whether to wait for reduced rates is a common one, reflecting the ongoing strategic considerations within the real estate landscape.

Overall, the current scenario fosters a healthier, more balanced real estate environment, offering opportunities and choices for all parties involved. In conclusion, the market dynamics for September reveal a promising landscape. With a total of 4,642 sales across the GTA, an average price point of $1,119,428, and a substantial increase in listings—16,258, up by 44% year over year—the real estate scene is evolving. 

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