Sales results are in for July, and residential real estate sales for the GTA show another record month.
The average price of property in the GTA hit $609,236. This represents an 10.6 percent gain over 2014.
Sales volume for the board in July increased by 8.0% percent over July 2014, with 9,880 home sales - a new record for the month of July! New listings dropped by 2.5%, and active listings fell by 14.7%, making inventory even tighter for buyers looking for a home.
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, Whitby showed very strong figures this month, with a composite annual gain of 13.19%, compared to the TREB average of 9.39%. Other strong areas were Clarington (+13.77%), Oshawa (+12.6%), Ajax (+16%) and Markham (+15.03%).
Inventory levels continue at very low levels with 1.9 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 1.9 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 1.2 months inventory in the region. In Ajax, there are just 0.8 months inventory, with 1.0 months in Oshawa and 1.0 in Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Whitby spent just 15 days on the market, with 14 days in Oshawa and 19 in Clarington. The TREB average was 22 days, and 20 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.2 and 3.5 months, with a higher days on market average, as well (44 and 21 days).
Highlights from this month include a single family detached annual gain of 13.79% in Whitby, and single family attached gaining 13.62%. 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
As always, give me a call anytime if you would like to discuss further without any obligation.