Sales and Average Price Up In August
Greater Toronto Realtors reported 7,998 residential sales through the Toronto MLS system in August 2015. The number of transactions in August represented an 5.7% increase compared to 7,568 transactions reported in August 2014. The number of transactions were up for all major home types including a double-digit year-over-year increase in condominium apartment sales.
The number of new listings reported in August were up by 8.3% compared to the same period in 2014. Active listings were 15,997 in August-down 10.5% from August 2014.
“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Toronto Real Estate Board President Mr. McClean.
The average price in August was up by 10.3% from the same time last year to $602,607. Detached homes continued to lead the way in terms of price increases at 12.4% compared to the same time last year.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices. It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 10.1% in August, 2015. The average selling price of a Toronto condo increased by 9.5% from the same time last year to $406,587.
Condominium apartments accounted for 26.5% of total sales in the GTA for August, 2015 while detached homes accounted for 45.9% of the total sales.
Other notable statistics include the average days on the market for August at 23 days, down 14.8%. The sales-to-listings ratio for August, 2015 was 50.0% 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.
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