The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for December, 2014.
Sales volume in 2014 increased by 6.7 percent over 2013, just short of the 2007 sales record volume.
The monthly figures were also higher than last year, with a total of 4,446 transactions - up 9.6% over December 2013.
Also, with an average MLS selling price of $556,602 prices gained an average 7.0% year-over-year across the board.
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, Whitby showed very strong figures this month, with a composite annual gain of 10.79%, compared to the TREB average of 7.89%. Other strong areas were Scugog (+12.06%), Oshawa (+10.03%), Pickering (+11.22%) and Markham (+11.25%).
Inventory levels continue at very low levels with 2.2 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 2.2 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 1.5 months inventory in the region. In Ajax, there are just 1.0 months inventory, with 1.3 months in Oshawa and 1.2 in Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Ajax spent just 18 days on the market, with Whitby at 19 and Pickering at 21. The figure increased to 30 in Oshawa, and 32 in Clarington. The TREB average is 32 days, and 33 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.6 and 3.8 months, with a higher days on market average, as well (47 and 35 days).
Highlights from this month include a single family attached annual gain of 12.01% in Oshawa, and single family detached gaining 12.23% in Whitby. 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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