TREB Members reported 2,577 sales in December 2008, compared to the 4,646 recorded during the same month in 2007 (a decrease of 45%), and the 4,447 recorded in December of 2006.

Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006.

In December 2008 there were 45% more active listings compared to December 2007. The inventory increased because properties needed more time to sell. The average time on the market increased to 45 days from 35 days in December 2007 (+29%). The number of new listings is very similar to the previous year and increased only by 2%.

The average price in December of 2008 came in at $361,415, compared to $394,931 last year, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006.

December 2008 East Gwillimbury Market Report (Sharon, Holland Landing, Queensville, Mount Albert):

The average home price in December was $ 320,583, that's a decrease of 20% from November. The median price also dropped down from $367,500 to $322,500. TREB recorded very few sales (only 10) down by 41% comparing to transactions in November. They also reported the number of new listings dropping by 35% over the previous month (26 versus 17 in December). At the same time many sellers canceled their listings. Due to all these factors the inventory of properties on the market decreased from 113 to 86. We are expecting a larger inventory in these coming months to give the buyers more opportunity to search for the desired home. The average time to sell a property almost doubled in East Gwillimbury from 37 days in November to 66 days in December due to slow activity. We are still seeing a strong ratio of sale to listing price (96%) what indicates correct pricing according to market demand. 

For more info please contact Margaret Kisza at 416 543 9264 or mkisza@sympatico.ca