The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for June, 2014. New TREB President Paul Etherington announced a strong gain in sales with a 15.4 percent increase over the same period last year, with a total of 10,180 transactions. New listings were also higher, but at a lower rate than transactions, showing a higher level of competition between buyers for fewer properties.
Also, with an average MLS selling price of $568,953, prices gained an average 7.4% year-over-year across the board.
With the market continuing to surge, demand continues to be very strong for low-rise homes. In Toronto, the average price for a detached home was $921,127 versus $641,972 in the surrounding GTA areas. In Toronto the sales volume for detached homes was up 19.3% over last year, and in the surrounding GTA areas, sales volume for detached homes was up 13.1%.
Pickering had another strong showing this month, with a composite gain of 10.58%, compared to the TREB average of 7.77%. Other strong areas were Ajax (+8.42%) and Markham (+10.91%).
Inventory levels are still very tight with 2.3 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 2.3 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 1.6 months inventory in the region. In Ajax, there are just 1.2 months inventory, and 1.3 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 spent just 17 days on the market, Whitby is 15, Ajax is at 16 and Clarington at 25. The TREB average is 21 days, and 21 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.8 and 4.3 months, with a higher days on market average, as well (31-47 days).
Highlights from this month include a condominium apartment price gain of 14.3% in Clarington, and a single-family detached gain of 10.35% 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
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