Record Home Sales for November 2015
Greater Toronto Realtors reported 7,385 residential sales through the Toronto MLS system in November 2015. The number of transactions in November represented a 14.0% increase compared to 6,476 transactions reported in November 2014. Semi-Detached homes in the GTA had the highest sales increase year-over-year.
November 2015 sales represented the best month of November on record.
Sales through the first eleven months of 2015 amounted to 96,401.
The number of new listings reported in November was up by 10.2% compared to the same period in 2014. Active listings were 13,454 in November-down 8.6% from November 2014.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership is widespread, from first time buyers to long-time homeowners across the GTA,” said Mark McLean, TREB’s President.
The average price in November was up by 9.6% from the same time last year to $632,685. Semi-Detached homes in the GTA led the way in terms of price increases at 11.8% compared to the same time last year.
“Demand for ownership housing has remained strong in the GTA throughout 2015 with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments increased by 13.3% in November, 2015. The average selling price of a Toronto condo increased by 5.4% from the same time last year to $415,316.
Condominium apartments accounted for 26.1% of total sales in the GTA for November 2015 while detached homes accounted for 46.7% of the total sales.
Other notable statistics include the average days on the market for November at 26 days, down 3.7%. The sales-to-listings ratio for November 2015 was 54.9% 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.
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