Sales and Average Price Up Year-Over-Year
Greater Toronto Realtors reported 8,552 residential sales through the MLS in October 2014. The number of transactions represented a 7.7% increase compared to 7,941 transactions reported in October 2013.
The number of new listings reported in October were up by 3.4% compared to the same period in 2013. Active listings were 17,497 in October-down 5.7% from October 2013.
“Strong Growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the GTA who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Toronto Real Estate Board President Paul Etherington.
The average selling price continued to grow in October up by 8.9% from the same time last year to $587,505. Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!
“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the GTA, particularly where low-rise home types are concerned. The resulting seller’s market conditions are forecast to drive strong price growth through the remainder of 2014 and into 2015 as well,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 1.5% from October, 2013. The average selling price of a Toronto condo increased by 1.5% from the same time last year to $390,430.
Condominium apartments accounted for 23.8% of total sales in the GTA for October 2014 while detached homes accounted for 48.7% of the total sales.
Other notable statistics include the average days on the market for October at 25 days, down 7.4%. The sales-to-listings ratio for October was 48.9% 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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