The Toronto Real Estate Board (TREB) has released sales statistics for resale residential real estate for March, 2014. Average prices continue their year-over-year strength with a 7.2 percent increase over the same period last year, with an average MLS selling price of $557,684. Sales volume also increased, with a 7.2 percent rise versus last year, and new listings increased 1.4 percent.
With sales volume now picking up, a continuing low level of inventory combined with lower interest rates will combine to make competition even stronger for buyers in this market. Expect to see more bidding wars as things heat up for the spring market.
Oshawa had the strongest regional showing this month, with a composite gain of 8.89% (highest in the GTA), compared to the TREB average of 7.37%. Other strong areas were Pickering (8.62%), Ajax (+8.61%) and Whitby (+7.8%).
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 Oshawa and Ajax, there are just 1.3 months inventory, and 1.4 months in Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Ajax spends just 16 days on the market, 14 days in Oshawa and 14 days in Whitby. The TREB average is 21 days, and 19 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is over 4 months, with a higher days on market average, as well (43-36 days).
Highlights from this month include a single-family detached price gain of 9.36% in Oshawa, and 8.62% 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.