Although TREB reported a decline in sales on a year over year basis there was also an optimistic and very significant decline in the number of New Listings that came onto the market. New Listings compared to November last year were down -26.1%, while the total Active Listing inventory was down -9.8% and price increases remained relatively modest at 3.5% increase!! If this trend continues, the combination of a lack of listing inventory together with prices remaining stable are good predictors for an improving real estate market moving into the spring of 2019!!
Through 2018 the market moved from Active Listing inventory of +136.3% in January to -9.8% in November this coupled with a significant drop in New Listing inventory is a positive sign for Sellers who are considering entering the real estate market in 2019!!
Price growth remains in low single digits at 3.5% for the month of November which is good news for Buyers who currently thinking of purchasing a home, the time is ideal to act now!!
The Days on Market to sold was a reasonable 26 days and the Months of Inventory at 2.2 months highlights the market continues to move at a slow steady pace!!
The Sale to New List Ratio for Peel Region was 52.8% which was much stronger than the across TREB average of 49.8%. The Sale to New List ratio for Peel has modestly continued to increase since then end of summer. This figure supports balanced market activity!!