November resale property statistics have been released from the Toronto Real Estate Board, and residential real estate sales for Durham Region and the GTA are continuing to set new records.
The GTA set not only a November sales record, but also a calendar year record with the highest sales volume since 2007, with December's results still to come.
The average price of property in the GTA in November was $632,685. This represents a 9.6% gain over 2014. The average property price in Durham was $455,603 which is up 12.7% over 2014.
Sales volume for the board in November increased by 14% percent over the same period last year, with 7,385 transactions - a new record. New listings increased by 10.2%, and active listings dropped by 8.6%, reflecting a continuation of this sellers' market, with less overall inventory at the end of the month. The average number of days that a listing spent on the GTA market was 26, 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 a composite annual gain of 12.56%, compared to the TREB average of 10.29%. Other strong areas were Clarington(+15.45%) and Oshawa (+13.78%).
Inventory levels continue at very low levels with 1.8 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 1.8 months (if no new listings were added).
Many areas within the GTA have similar figures, but Durham Region still has the lowest inventory in the entire area. Overall, there is only 1.1 months inventory in the area. In Ajax there is just 0.8 months inventory, with 0.9 months in Whitby For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Durham spent just 21 days on the market, with 16 days in Ajax and Whitby. The TREB average was 26 days, and 25 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 2.9 and 3.0 months, with a higher days on market average, as well (74/48 days each).
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