Week 25 – 2023, that’s a wrap!

🌟 **Week 25 Update: 2023, that’s a wrap! 🏡**

Hello, everyone! Welcome back to our weekly update, and Happy New Year! 🎉 We’ve officially entered 2024, and I hope your holiday season was nothing short of fantastic. If you’re still in vacation mode or your kids are enjoying the extended break, relish those moments!

Firstly, a big thank you for your continued support. If you enjoy what we’re sharing, don’t forget to subscribe, like, and share. Now, let’s dive into the numbers—keeping it short and sweet for the end-of-year lull.

**Yearly Numbers Highlights:**

– 📉 *Sales Slump:* 2023 witnessed the lowest sales in almost 25 years, with just under 66,000 sales in the GTA—a 12% drop from 2022.

– 📈 *Price Insights:* Despite the sales dip, the year-over-year price decrease was a modest 5%. The market resilience, especially in higher-priced homes, contributed to this.

**December Trip Stats:**

– 📊 *Price Moves:* A 3% price increase year over year, with a 0.2% month-over-month bump—expected nuances for the slower December month.

– 📈 *Sales Scenario:* Surprisingly, sales were up year over year, witnessing an 11% increase. However, a typical December dip of almost 20% month over month was observed.

– 🏡 *New Listings Dynamics:* December new listings totaled 3,886—a 6% drop from last year but a whopping 60% decrease from November. A reminder of the holiday slowdown but also potential opportunities for buyers.

**Market Areas Overview:**

– 🌆 *Downtown and Surrounding Areas:* Active listings and sales are down, contributing to a decrease in months of inventory. The slowdown aligns with December expectations.

– 🏙️ *Condo Market Insights:* Downtown condo listings have decreased, presenting potential opportunities, especially for those with a long-term investment perspective.

– 🏡 *Don Mills, Leaside, and Davisville:* Sales remain steady, reflecting ongoing activity in these areas.

– 🚀 *Durham Area:* Despite being hit, a lower inventory suggests a potential advantageous time for sellers, especially in the condo market.

**What’s Ahead:**

– 📉 *Inventory Opportunities:* Active listings are down 40% from November, presenting potential opportunities for buyers. However, prices might see an uptick with fewer listings in play.

– 🏡 *Timing Matters:* With around three months of inventory, now might be the time for buyers to act before the spring market brings increased competition.

**Closing Thoughts:**

Stay informed, reach out to your mortgage broker and real estate agent, and consider your options wisely. The market is dynamic, and early planning is key to making informed decisions. For a detailed breakdown of the stats, check out the link in our bio.

Thank you for your ongoing support! Subscribe, like, and share if you find this information valuable. Here’s to navigating 2024 successfully! 🚀 #RealEstateUpdate #MarketInsights #Navigating2024 #HappyNewYear

WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$ 1,580,000   WB – 1,494,909

Active Listings – 324      WB-379

Sold firm –4      WB- 22

Month on inventory – 1.39         WB- 1.63

Average Days on Market-46      WB-27

Condo Ave Price-$723,185     WB- $848,058

Active listings-1713    WB- 1970

Sold firm-21     WB –50

Months of Inventory- 3.25    WB – 3.75

Average days on market-47        WB-42

Don Mills Area-  

Housing Average Price- $1,213,500    WB – 1,162,500

Active Listings – 46    WB- 51

Sold firm –2       WB – 4

Month of Inventory – 2.46     WB- 2.73

Average Days on Market- 40      WB- 31

Condo Ave Price- $610,000     WB – $610,000

Active listings- 65      WB – 71

Sold firm- 1     WB – 1

Months of Inventory – 2.52    WB- 2.75

Average days on market- 29      WB – 60

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $923,272     WB – $1,945,220

Active Listings – 68     WB-83

Sold firm – 1      WB- 5

Months of Inventory- 1.42        WB- 1.73

Average Days on Market- 15    WB – 50

Condo Ave Price- $490,000      WB- $686,100

Active listings-219    WB-249

Sold firm-1       WB-10

Month of Inventory- 2.88     WB- 3.27

Average days on market- 29       WB – 27

Durham ( Pickering, Ajax, Whitby)

Housing Average Price- $934,939    WB – $908,964

Active Listings – 981    WB- 1,098

Sold firm – 28    WB – 93

Month of Inventory – 1.56     WB- 1.75

Average Days on Market- 35      WB- 31

Condo Ave Price- $567,667     WB – $585,721

Active listings- 181      WB – 207

Sold firm- 6     WB – 14

Months of Inventory – 1.67    WB- 1.91

Average days on market- 45      WB – 33

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