February sales results have been released by the Toronto Real Estate Board (TREB) and residential real estate sales for the area show a surge in strength for the market.
In addition, the average price of a detached home in Toronto hit $1,040,018. This is the first time the average has been over a million dollars.
Sales volume for the board in January rose by 11.3 percent over February 2014, with 6,338 home sales. New listings dropped by 2.8%, adding to the pressure on home buyers looking to purchase.
With an average MLS selling price of $596,163 prices gained an average 7.8% 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 again showed very strong figures this month, with a composite annual gain of 12.42%, compared to the TREB average of 7.84%. Other strong areas were Clarington (+10.87%), Oshawa (+9.51%), Ajax (+10.9%) and Markham (+12.17%).
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 Whitby and Ajax spent just 20 days on the market, with Oshawa and Clarington at 23. The figure increased to 30 in Pickering. The TREB average is 31 days, and 32 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.5 and 3.7 months, with a higher days on market average, as well (54 and 61 days).
Highlights from this month include a single family detached annual gain of 12.33% in Whitby, and single family attached gaining 12.16% in Clarington. 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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