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Sales and Average Price Up In Calendar Year 2013
Greater Toronto Realtors reported 4,078 residential sales through the MLS in December 2013. The number of transactions represented a 13.8% increase compared to 3,582 transactions reported in December 2012.
Total sales for calendar year 2013, at 87,111 were up by approximately 2.0% compared to 85,496 transactions in calendar year 2012.
The number of new listings reported in December was down 3.9% compared to the same period in 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013. Despite the inclement weather in December , we finished the year with a respectable gain in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The result could be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne Usher.
The average selling price continued to grow in December up by 8.9% from the same time last year to $520,398.
The average selling price for December 2013 as a whole was $523,036, which represented an increase of 5.2% compared to the calendar year 2012 average of $497,130.
Note, the TREB average price forecast was $515,000 for all homes combined in 2013.
“The average selling price will be up again in 2014 and by more than the rate of inflation. The seller’s market conditions that drove price growth in the second half of 2013 will remain in place in many parts of the GTA. Some neighbourhoods , especially those characterized by low-rise home types like singles, semis and townhomes, will continue to have less than two months of inventory ,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 20.7% from December 2012. The average price of a Toronto condo increased by 7.6% from the same time last year.
Condominium apartments accounted for 28.8% of total sales in the GTA for December 2013 while detached homes accounted for 44.3% of the total sales.
Other notable statistics include the average days on the market for December at 33 days. Active listings were 11,418 in December-down 13.8% from December 2012. The sales-to-listings ratio for December was 35.7% 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 , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca