September stats are out from the Toronto Real Estate Board, and residential real estate sales for Durham Region and the GTA are continuing to surge forward. There were 8,200 transactions for the entire board, setting a new record for September. Once again, 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 September was $627,395. This represents a 9.2% gain over 2014. The average property price in Durham Region was $438,462 which is up 9.1% over 2014.
Sales volume for the board in September increased by 2.5% percent over September of 2014, with 8,200 transactions. New listings increased by 3.2%, and active listings fell by 7.3%, reflecting a continuation of this sellers' market. 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 even stronger figures this month, with a composite annual gain of 13.51%, compared to the TREB average of 10.46%. Other strong areas were Ajax (+15.55%), Clarington (+12.96%), Whitby (+13.91%), Oshawa (+13.12%) and Markham (+14.2%).
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 14 days in Ajax, Oshawa and Whitby and 19 in Clarington. The TREB average was 22 days, and 21 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.0 and 3.3 months, with a higher days on market average, as well (44/45 days each).
Highlights from this month include a 16.4% increase from September of 2014 for semi-detached homes. 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
As always, give me a call anytime if you would like to discuss further without any obligation.