Jul 9 | Posted by Barry Cohen

Things just aren’t like they used to be at least when they relate to the real estate market in the GTA.  Month after month we set new records in this industry, and it doesn’t seem like this is a trend that is likely to stop in the near future.  Last month the number of houses sold was up, and selling prices increased for all major home types on a year-over-year basis.

Last month Greater Toronto Area Realtors reported 11,992 sales through the Board’s MLS system, an impressive 18.4 percent increase over the same period last year.  Selling prices were up markedly in June in every major housing category.  The average selling price for a home in the GTA last month rose by 12.3 percent to $639,184.  The average selling price is calculated based on the total dollar volume of all properties sold.  The MLS Home Price Index Composite Benchmark was up by 8.9 percent in comparison to June 2014, which is attributable to high-end homes accounting for a greater share of the overall transactions last month.  

It is encouraging to see new listings starting to pick up, there are a lot of qualified willing buyers still looking for a home in our market, so more available inventory will come as a relief to them.  Sellers should be encouraged by the latest stats as well, which reveal that the average days a home stays for sale decreased by 13.6% from June 2014 to just 19 days.  The following is a review of last month’s activity.

Sales & Average Price By Major Home Type (June 2015)

 

 
SALES


AVERGE PRICE


416
905
TOTAL
416
905
TOTAL
DETACHED
1,488 4,457 5,945 $1,051,912 $738,016 $816,583
SEMI-DETACHED
456 754 1,210 $761,819 $496,740 $596,638
TOWNHOUSE
509 1,396 1,905 $539,259 $459,004 $480,447
CONDO APARTMENT
1,906 794 2,700 $418,599 $324,388 $390,894

 

Year Over Year Summary

 

  2015
2014
% CHANGE
SALES
11,992 10,132 +18.4%
NEW LISTINGS
17,746 16,633 +6.7%
ACTIVE LISTINGS
17,972 20,686 -13.1%
AVERAGE PRICE
$639,184 $569,174 +12.3%
AVERAGE DAYS ON MARKET
19 22 -13.6%

There has never been a better time to list your property as the market has lots of buyers, prices are at record-setting highs and the average days a home spends on the market is low.  I would be happy to meet with you and prepare a professional accurate market evaluation of your home’s current value.  My years of experience and reputation will ensure your home is sold quickly, without hassles and for the highest possible price.