The Toronto Real Estate Board has released statistics for mid-December, and the market isn't slowing down at all. Quite the opposite as both volume and prices surge over last year.
In the first two weeks of December, 2013, there were 2,483 residential sales transactions in the board, representing an 18% increase over the same period last year. New listings added to the system were virtually unchanged over last year, meaning that inventory levels continue to stay low, and more buyers are forced to fight over fewer listings, resulting in higher prices.
Great News for Home Sellers in 2014 - It will be a sellers' market
The average selling price of a detached home in the 905 region was $633,549 for the period, representing a 14.7% increase over 2012. In the 416, it was $804,830 with a 15.4% increase. Demand is clearly very strong for the single family detached home and, according to TREB's Jason Mercer, "Inventory levels will remain low in many parts of the GTA in 2014, especially where low-rise home types are concerned, including single-detached and semi-detached houses and townhomes. Expect above-inflation price growth to continue next year".
For those considering selling in the new year, timing may prove to be a very important factor, depending upon your location. With inventory levels critically low in some areas of Durham Region, moving to sell in the short term will mean less competition and less room for potential buyers to negotiate based on competitive listings. For a consultation without obligation, please contact me anytime.