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Greater Toronto Realtors reported 8,544 sales through the MLS in July 2013. The number of transactions represented a 16.4%increase compared to July 2012.
The number of new listings reported in July was up 2.3% compared to the same period in 2012.
“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA ,” said Toronto Real Estate Board President Dianne Usher.
“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.
The average selling price continued to grow in July up by 7.9% from the same time last year to $513,246. 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
“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, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 10.6% from July 2012. The average price of a Toronto condo increased by 4.1% from the same time last year.
Condominium apartments accounted for 22.2% of total sales in the GTA for July 2013 while detached homes accounted for 48.3% of the total sales.
Other notable statistics include the average days on the market for July at 27 days. Active listings were 20,514 in July-up 1.0% from July 2012. The sales-to-listings ratio for June was 41.6% 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