The numbers for June 2015 sales are out from the Toronto Real Estate Board (TREB) and residential real estate sales for the area continue to show exceptional strength.
The average price of property in the GTA hit $639,184. This represents an 12.3 percent gain over 2014.
Sales volume for the board in June increased by 18.4% percent over June 2014, with 11,992 home sales - a new record! New listings rose by 6.7%, indicating an easing level of inventory overall which helps those looking to buy.
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 14.00%, compared to the TREB average of 8.9%. Other strong areas were Clarington (+12.71%), Oshawa (+11.11%), Ajax (+14.69%) and Markham (+14.54%).
Inventory levels continue at very low levels with 1.5 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 1.5 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 0.9 months inventory in the region. In Ajax, there are just 0.5 months inventory, with 0.6 months in Oshawa and 0.7 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 14 days on the market, with 13 days in Oshawa and 15 in Clarington. The TREB average was 19 days, and 18 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.4 and 3.5 months, with a higher days on market average, as well (63 and 27 days).
Highlights from this month include a single family detached annual gain of 15.25% in Whitby, and single family attached gaining 14.8%. 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.