The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for April, 2014. Average prices continue their year-over-year strength with a 10.1 percent increase over the same period last year, with an average MLS selling price of $577,898. Sales volume also increased, despite the low inventory levels in many areas, with a 1.8 percent rise versus last year, and new listings dropped a substantial 8.4 percent.
With the spring market in full swing, a continuing low level of inventory combined with lower interest rates will combine to make competition even stronger for buyers in this market. Bidding wars are very common as the market rallies on.
Oshawa had another strong showing this month, with a composite gain of 8.05%, compared to the TREB average of 7.01%. Other strong areas were Pickering (+9.84%), Ajax (+7.971%) and Whitby (+7.77%).
Inventory levels are still very low with 2.4 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 2.4 months (if no new listings were added).
Many areas within the GTA have similar figures, but Durham Region still has some marked differences. Overall, there is only 1.7 months inventory in the region. In Ajax, there are just 1.3 months inventory, and 1.4 months in Oshawa and Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Oshawa and Whitby spends just 14 days on the market, Ajax is at 15 and Clarington at 17. The TREB average is 20 days, and 19 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.8 and 4.6 months, with a higher days on market average, as well (45-36 days).
Highlights from this month include a single-family detached price gain of 8.35% in Whitby, and 10.87% in Pickering. 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 - firstname.lastname@example.org As always, give me a call anytime if you would to discuss further without any obligation.