Sales and Average Price Growth Continued in September
Greater Toronto Realtors reported 8,051 residential sales through the MLS in September 2014. The number of transactions represented a 10.9% increase compared to 7,257 transactions reported in September 2013.
On a year-to-date basis through the first three quarters of 2014, sales were up by 6.9% annually to 73,465
The number of new listings reported in September were up by 5.8% compared to the same period in 2013. Active listings were 19,165 in September-down 5.1% from September 2013.
“Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales through the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of average household’s income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid,” said Toronto Real Estate Board President Paul Etherington.
The average selling price continued to grow in September up by 7.7% from the same time last year to $573,676. Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!
The average selling price year-to-date was $563,813-up 8.5% compared to the first nine months of 2013.
“If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 15.6% from September 2013. The average selling price of a Toronto condo increased by 9.2% from the same time last year to $395,505
Condominium apartments accounted for 24.5% of total sales in the GTA for September 2014 while detached homes accounted for 48.1% of the total sales.
Other notable statistics include the average days on the market for September at 25 days, down 7.4%. The sales-to-listings ratio for September was 42.0% 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
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