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Greater Toronto Realtors reported 9,061 salesthrough the MLS in June 2013. The number of transactions represented a 0.7% decrease compared to June 2012. Over the same period new listings were down by a greater rate than sales, suggesting market conditions became tighter.
The number of new listings reported in June was down by 6.1% compared to the same period in 2012.
“The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter ,” said Toronto Real Estate Board President Dianne Usher.
The average selling price continued to grow in June up by 4.7% from the same time last year to $531,374. Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!! The annual rate of price growth was driven
by single-detached and semi-detached home transactions in the City of Toronto.
Average condominium apartment selling prices remained in line with 2012 levels.
“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low resulting in average price growth above 3% for the TREB market area this year. Our current average price forecast is $515,000 for all homes combined in 2013,”said Jason Mercer, TEEB’s Senior Manager of Market Analyses.
Condominium apartments accounted for 20.8% of total sales in the GTA for June 2013 while detached homes accounted for 50.2% of the total sales.
Other notable statistics include the average days on the market for June at 24 days. Active listings were 22,205 in June-up 7.9% from June 2012. The sales-to-listings ratio for June was 40.8 which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.
Real estate is very neighbourhood specific and even very street
specific in some areas. The numbers as reported above are GTA averages.
Results in one neighbourhood or on one street do not indicate that all other
neighbourhoods or streets are experiencing the same results. We are still
seeing multiple offers in some areas for the best homes.
Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca