October resale property statistics have been released from the Toronto Real Estate Board, and residential real estate sales for Durham Region are still running strong.
The average price of property in the GTA in October was $630,876. This represents a 7.3% gain over 2014. The average property price in Durham was $444,920 which is up 13.2% over 2014.
Sales volume for the board in September increased by 3.4% percent over September of 2014, with 8,804 transactions - a new record. New listings decreased by 0.4%, and active listings fell by 7.5%, 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 22, down from 25 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 13.02%, compared to the TREB average of 10.33%. Other strong areas were Ajax(+15.74%) and Markham (+14.47%).
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 very tight inventory numbers. Overall, there is only 1.2 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 18 days on the market, with 16 days in Ajax and 15 in Whitby. The TREB average was 22 days, and 21 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 2.9 and 3.1 months, with a higher days on market average, as well (45/27 days each).
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