March sales results have been released by the Toronto Real Estate Board (TREB) and residential real estate sales for the area show a continued gain in strength for the market.
Also, the average price of a property in the GTA hit $613,933. This represents a 10 percent gain over last year.
Sales volume for the board in March rose by 11 percent over March 2014, with 8,940 home sales. New listings rose by 5.5%, showing a tighter level of inventory overall which adds more pressure to those looking to buy.
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, Clarington showed very strong figures this month, with a composite annual gain of 11.76%, compared to the TREB average of 7.85%. Other strong areas were Whitby (+12.47%), Ajax (+11.01%) and Markham (+13.32%).
Inventory levels continue at very low levels with 2.1 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 2.1 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 1.4 months inventory in the region. In Ajax, there are just 0.9 months inventory, with 1.2 months in Oshawa and 1.1 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 11 days on the market, with 12 days in Whitby and 13 in Oshawa and Clarington at 23. The figure increased to 30 in Pickering. The TREB average was 20 days, and 18 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.4 and 3.8 months, with a higher days on market average, as well (32 and 29 days).
Highlights from this month include a single family detached annual gain of 12.9% in Whitby, and single family attached gaining 12.14% 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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