The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for August, 2014. Sales volume in August rose by 2.8 percent increase over the same period last year, with a total of 7,391 transactions. Total transactions for the year thus far were also up - 6.5% over 2013.
Also, with an average MLS selling price of $546,303, prices gained an average 8.9% year-over-year across the board.
Of particular note is the fact that new listings fell short of sales, which means that inventory is falling again. This means that buyer competition is remaining very strong, and will continue to drive price rises. It will also favour those buyers prepared to act quickly on purchasing decisions, as bidding wars should continue to happen.
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 10.7%, compared to the TREB average of 7.82%. Other strong areas were Whitchurch-Stouffville (+12.33%) and Markham (+11.45%).
Inventory levels are still very tight with 2.3 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 2.3 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 1.6 months inventory in the region. In Ajax, there are just 1.1 months inventory, and 1.3 months in Oshawa and Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Oshawa spent 19 days on the market, with Whitby at 18, Ajax 17 and Clarington at 24. The TREB average is 27 days, and 27 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.8 and 4.3 months, with a higher days on market average, as well (45 and 38 days).
Highlights from this month include a single family detached annual gain of 11.27% in Whitby, and townhomes gaining 11.89% 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 - firstname.lastname@example.org
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