Sales and Average Price Growth Continue in November
Greater Toronto Realtors reported 6,519 residential sales through the MLS in November 2014. The number of transactions represented a 2.6% increase compared to 6,354 transactions reported in November 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 November were down by 5.3% compared to the same period in 2013. Active listings were 14,717 in November-down 8.5% from November 2013.
“Even with a constrained supply of homes for sale in many parts of the G.T.A., buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment,” said Toronto Real Estate Board President Paul Etherington.
The average selling price continued to grow in November up by 7.4% from the same time last year to $577,936. Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!
“The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA price growth is expected to continue through 2015,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 11.2% from November 2013. The average selling price of a Toronto condo increased by 2.0% from the same time last year to $394,225.
Condominium apartments accounted for 25.5% of total sales in the GTA for November 2014 while detached homes accounted for 47.1% of the total sales.
Other notable statistics include the average days on the market for November at 27 days, down 6.9%. The sales-to-listings ratio for November was 44.3% 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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