The Toronto Real Estate Board has released sales statistics for resale residential real estate for October, 2013. The overall market continues to be very strong, with volume up 19.2% over October, 2012 with 8,000 transactions, with Durham Region once again leading in price gains for the entire region with a 6.64% composite price increase over last year.
Inventory levels have constrained slightly with 2.6 months of inventory on hand. This means that a current sales levels, all of the property would be bought up in the GTA in 2.6 months (if no new listings were added). Many areas within the GTA have similar figures, but Durham Region has some marked differences. Overall, there is only 1.8 months inventory in the region. In Oshawa, Whitby and Ajax, there are just 1.5 months inventory. For many home types and price ranges, properties are being snapped up at a rapid pace.
The average listing in Whitby spends just 18 days on the market, and 22 days in Oshawa. The TREB average is 27 days, and 28 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is over 4 months, with a higher days on market average, as well (58-60 days).
The entire board saw an average price gain of 7.4% to $539,058. New listings this September were much lower than sales, reducing inventory levels in the marketplace. Durham region demonstrated a year-over-year composite (for all property types) price increase of 6.64%, compared to 3.84% in the City of Toronto and 4.54% for the entire board.
Highlights from this month include a single-family detached price gain of 10.5% in Clarington, and a 9.26% increase in Oshawa, as well as a composite gain of only 4.01 in Whitby - continuing to lag behind its peers. If you are interested in seeing values for an area not shown, or are interested in average prices, please comment below or send me an email - email@example.com As always, give me a call anytime if you would to discuss further without any obligation.