Sales figures have been released are in for August, and residential real estate sales for Durham Region and the GTA show continued market strength. Homes in Durham Region were the fastest selling in the GTA, averaging just 18 days on the market.
The average price of property in the GTA in August was $602,607. This represents a 10.3% gain over 2014. The average property price in Durham Region was $446,311 which is up 15.0% over 2014.
Sales volume for the board in August increased by 5.7% percent over August 2014, with 7,998 transactions. New listings increased by 8.3%, and active listings fell by 10.5%, reflecting a continuation of this sellers' market, although not as intensely as it was this past spring. The average number of days that a listing spent on the GTA market was 23, well down from 27 last year.
The MLS Home Price Index helps to normalize the statistics, by adjusting sales statistics to represent typical homes within MLS areas. When using these numbers, Durham showed very strong figures this month, with a composite annual gain of 13.80%, compared to the TREB average of 9.99%. Other strong areas were Clarington (+14.25%), Whitby (+14.37%), Ajax (+16.31%) and Markham (+15.29%).
Inventory levels continue at very low levels with 1.9 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 1.9 months (if no new listings were added).
Many areas within the GTA have similar figures, but Durham Region still has incredibly tight inventory numbers. Overall, there is only 1.2 months inventory in the region. In Ajax, there are just 0.8 months inventory, with 0.9 months in Oshawa and 0.9 in Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Durham Region spent 18 days on the market, with 13 days in Ajax, 15 in Oshawa, 17 days in Whitby and 18 in Clarington. The TREB average was 23 days, and 23 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.1 and 3.4 months, with a higher days on market average, as well (36 days each).
Highlights from this month include a single family detached annual gain of 14.3% in the region, and single family semi-detached gaining 17.4%. If you are interested in seeing values for an area not shown, or are interested in other figures, please comment below or send me an email - John@JohnOwen.Realtor
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