Scugog real estate has joined the ranks of south Durham with a fantastic jump in price in October. It posted an average residential price gain of 29.6% over October of last year. The Toronto Real Estate Board's (TREB) latest market stats put the average property selling at $594,007 - up from last year's 458,272.
The average selling price of homes in the GTA this October was $762,975. This represents a 21.1% increase over 2015. Sales volume was up 11.5% and new listings grew 0.9% from last year.
Active listings were down a huge 34.7%, which shows a tremendously strained inventory that makes for incredible demand on the listings out there and resulting in bidding wars galore on well-prepared properties.
The average detached home in Scugog sold for 599,214. This is very close to the overall average number, as there are relatively few other home types being sold in Scugog compared to the centres south of here. So few, in fact, that I typically won't report on them as a group.
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, Scugog showed a composite annual gain of 16.86%, compared to the TREB average of 19.68%. This shows that there were more luxury home sales in Scugog in October and that those properties were showing a much stronger gain in value.
Inventory levels continue at very low levels with 1.2 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 1.2 months (if no new listings were added). Many areas within the GTA have similar figures, but unsurprisingly to those who read my reports, Durham Region still has the lowest inventory in the entire area. Overall, there is only 0.7 months inventory in the area. In Scugog, there is 1.5 months of inventory. This is actually quite low for the area, which typically shows a much higher level.
The average listing in Scugog spent 21 days on the market. The TREB average was 16 days. Again, given Scugog's market size, it is normal to be higher than average here, but this is a very low figure compared to the norm.
The average listing sold for 100% of asking, demonstrating that demand is very strong, and an indication that there are multiple offers on an increasing number of listings.
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.