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Average Selling Price Up Strongly in January
Greater Toronto Realtors reported 4,135 residential sales through the MLS in January 2014. The number of transactions represented a 2.2% decrease compared to 4,229 transactions reported in January 2013.
Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home. In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.
The number of new listings reported in January was down 16.6% compared to the same period in 2013.
“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act a s a trigger for more households to list their homes for sale. This is especially the case for households whose lifestyles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Toronto Real Estate Board President Dianne Usher.
The average selling price continued to grow in January up by 9.2% from the same time last year to $526,528. Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,043!!
“The pace of growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historical lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“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 7.4% from January 2013. The average price of a Toronto condo increased by 7.6% from the same time last year.
Condominium apartments accounted for 26.3% of total sales in the GTA for January 2014 while detached homes accounted for 45.4% of the total sales.
Other notable statistics include the average days on the market for January at 36 days. Active listings were 11,903 in January-down 16.4% from January 2013. The sales-to-listings ratio for January was 34.7% 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, building 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