TREB has their January stats up for resale properties. Looking at the numbers for downtown condos it is now very clear: we are in a serious buyer’s market.ÂÂ
Compared to January 2008:
- In C01 (downtown west), condo sales are down 58%, average prices are down 9.5%, and inventory is up 70%. The number of sales as a percentage of active listings was 12% versus 46% last year.
- In C08 (downtown east), condo sales are down 32%, average prices are down 12%, and inventory is up a staggering 116%. The number of sales as a percentage of active listings was 19% versus 60% last year.
So the story continues as we have seen for the past three months. Prices are down about 10%, sales are about half of what they were last year. DOM (days on the market) has gone up nearly 100% (27 days last year for C01 and C08 versus about 45 days this year). This underscores how much of a buyers market it really is out there. Even if sellers have price their condo with the 10% deduction from last year built into their price, they are still finding that it takes much, much longer to sell than it did a year ago.
Click on the PDF icon to download the full stats package for the month for downtown.
Previous posts in this series:
Jan 2009 Downtown Condo Stats
03.01.09 at 2:24 am
natrix
Buyer’s market? Which buyers?
The record number of people that lost their jobs in January?
The full force of these units that will be coming online in the year to come with a even further amount of people walking away from their deposits/investors unable to carry the cost will be a shock and awe the likes of which any relative newbie Realtor will have never seen before. This is just the tip of the iceberg. Sorry to say.