The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for July, 2014. Sales in July jumped by a 9.9 percent increase over the same period last year, with a total of 9,198 transactions.
New listings were also higher, bringing some much needed inventory to the marketplace, as the average amount of time listings spend on the market was only 24 days across the board.
Also, with an average MLS selling price of $550,700, prices gained an average 7.5% year-over-year across the board.
With the market continuing to surge, demand continues to be very strong for low-rise homes. In Toronto, the average price for a detached home was $880,433 versus $638,864 in the surrounding GTA areas. In Toronto the sales volume for detached homes was up 7.8% over last year, and in the surrounding GTA areas, sales volume for detached homes was up 11.1%.
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 10.84%, compared to the TREB average of 7.88%. Other strong areas were Whitchurch-Stouffville (+10.3%) and Markham (+11.37%).
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 20 days on the market, with Whitby at 17, Ajax 15 and Clarington at 23. The TREB average is 24 days, and 24 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.9 and 4.2 months, with a higher days on market average, as well (44 and 38 days).
Highlights from this month include a single family detached annual gain of 10.98% in Whitby, and townhomes gaining 10.23% 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 - firstname.lastname@example.org
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