May 2015 sales stats have been released by the Toronto Real Estate Board (TREB) and residential real estate sales for the area continue to show excellent results.
The average price of property in the GTA hit $649,599. This represents an 11.1 percent gain over 2014.
Sales volume for the board in May rose by 6.3 percent over May 2014, with 11,706 home sales. New listings dropped by 0.8%, indicating a tighter level of inventory overall which adds more pressure to 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 15.36%, compared to the TREB average of 8.9%. Other strong areas were Oshawa (+10.39%), Ajax (+13.96%) and Markham (+15.06%).
Inventory levels continue at very low levels with 2.0 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 2.0 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 1.3 months inventory in the region. In Ajax, there are just 0.8 months inventory, with 1.1 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 13 days on the market, with 13 days in Oshawa and 14 in Clarington. The TREB average was 18 days, and 17 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.4 and 3.6 months, with a higher days on market average, as well (25 and 35 days).
Highlights from this month include a single family detached annual gain of 16.1% in Whitby, and single family attached gaining 14.02%. 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.