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Strong Growth in June Sales
Greater Toronto Realtors reported 10,180 residential sales through the MLS in June 2014. The number of transactions represented a 15.4% increase compared to 8,821 transactions reported in June 2013.
The number of new listings reported in June was up 8.3% compared to the same period in 2013. Active listings were 20,686 in June-down 6.8% from June 2013.
“Home buyers in the greater Toronto area are confidant in their ability to purchase and affordably pay for a home. Generally speaking , buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer,” said Toronto Real Estate Board President Paul Etherington.
The average selling price continued to grow in June up by 7.4% from the same time last year to $568,953. Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!!
“With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhouses. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 21.4% from June 2013. The average selling price of a Toronto condo increased by 6.3% from the same time last year.
Condominium apartments accounted for 21.7% of total sales in the GTA for June 2014 while detached homes accounted for 49.6% of the total sales.
Other notable statistics include the average days on the market for June at 22 days, down 8.3% The sales-to-listings ratio for June was 49.2% 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.