The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for November, 2014. Sales volume in November increased by 2.6 percent over the same period last year, with a total of 6,519 transactions. Total transactions for the year thus far were also higher - 6.6% over 2013.
Also, with an average MLS selling price of $577,936 prices gained an average 7.4% year-over-year across the board.
Toronto Real Estate Board President Paul Etherington stated that "Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment."
The MLS Home Price Index helps to normalize the statistics, by adjusting sales statistics to represent typical homes within MLS areas. When using these numbers, Whitby showed a very strong figures this month, with a composite gain of 10.68%, compared to the TREB average of 7.73%. Other strong areas were Pickering (+10.47%) and Scugog (+10.34%).
Inventory levels are still very tight with 2.2 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 2.2 months (if no new listings were added).
Many areas within the GTA have similar figures, but Durham Region still has incredibly tight inventory numbers. Overall, there is only 1.5 months inventory in the region. In Ajax, there are just 1.0 months inventory, with 1.3 months in Oshawa and 1.2 in Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Oshawa spent 20 days on the market, with Whitby at 17, Ajax 17 and Clarington at 21. The TREB average is 27 days, and 28 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.5 and 4.0 months, with a higher days on market average, as well (61 and 43 days).
Highlights from this month include a single family detached annual gain of 10.91% in Whitby, and townhomes gaining 11.23% in Oshawa. If you are interested in seeing values for an area not shown, or are interested in other figures, please comment below or send me an email - John@JohnOwen.Realtor
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