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Greater Toronto Realtors reported 9,706 residential sales through the MLS in April 2014. The number of transactions represented a 1.8% increase compared to 9,535 transactions reported in April 2013.
The number of new listings reported in April was down 4.5% compared to the same period in 2013. Active listings were 17,351 in April-down 8.4% from April2013.
“April marked the beginning of the spring market, during which time we generally see the highest monthly sales total in a given year. Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs. However, ales levels would have been higher , but for the lack of supply,” said Toronto Real Estate Board President Dianne Usher.
“A number of factors underlie the constrained supply of listings. Studies and polling suggest that the additional upfront land transfer tax in the City of Toronto has prompted some households to stay put and renovate rather than list their home and move. In the broader GTA context, above-trend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again,” continued Ms. Usher.
The average selling price continued to grow in April up by 10.1% from the same time last year to $577,898. Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!!
“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 3.2% from April 2013. The average selling price of a Toronto condo increased by 1.8% from the same time last year.
Condominium apartments accounted for 21.9% of total sales in the GTA for April 2014 while detached homes accounted for 50.3% of the total sales.
Other notable statistics include the average days on the market for April at 20 days, down 13.0% The sales-to-listings ratio for April was 47.4% 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.