Record Sales in April 2015
Greater Toronto Realtors reported 11,303 residential sales through the Toronto MLS system in April 2015. The number of transactions in April represented an 17.0% increase compared to 9,660 transactions reported in April 2014.
The number of new listings reported in April were up by 5.0% compared to the same period in 2014. Active listings were 17,182 in April-down 10.1% from April 2014.
“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality, long-term investment. That is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First time buyers and existing homeowners remain very active in today’s market,” said Toronto Real Estate Board President Paul Etherington.
Note: The average selling price grew on a year-over-year basis in calendar year 2014 with an 8.4% increase over calendar year 2013 to $566,726.
The average price in April was up by 10.0% from the same time last year to $635,932.
“Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 13.9% from April 2014. The average selling price of a Toronto condo increased by 5.8% from the same time last year to $407,612.
Condominium apartments accounted for 21.7% of total sales in the GTA for April 2015 while detached homes accounted for 50.3% of the total sales.
Other notable statistics include the average days on the market for April at 18 days, down 10.0%. The sales-to-listings ratio for April was 65.8% 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.
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