Resale sales stats: 7,600 properties sold in Toronto and the GTA

September 4, 2014 - Summer? What summer?! Yes, technically there're still a couple of weeks left, but...and the Toronto Real Estate Board today released the August resale sales stats: 7,600 properties sold in Toronto and the Greater Toronto Area, up 2.8% from last August's 7,391.

Sales for Toronto and the GTA 2014 year-to-date are up 6.5% to 65,454 versus the year-earlier period.

August, 2014's numbers were up across the board - in all areas and for all housing types. The strongest price increases were found in the Detached group: In Toronto itself, the average selling price rose 14.7% to $902,428, and in the balance of the GTA, it rose 9.3% to $644,120 for a Detached home. Bungalows continue to be one of the hottest commodities all over Toronto and the GTA, sought by younger buyers seeking a lower entry point and, sometimes, the ease of adding an accessory unit; by buyers looking to downsize as well as have all of the living space on one floor without resorting to a Condo Apartment; and by Builders/Renovators looking to renovate or replace and re-sell.

While the rise in the number of sales was strongest for the Condo Apartment group overall, the rise in the average selling price was actually weaker for that group, up 4.4% year-over-year [+4.1% to $370,899 in Toronto and +5.4% to $307,148 in the rest of the GTA].

There was still no relief in the inventory numbers: The total number of active listings fell yet again, off 4.8% to 17,882 versus one year earlier. Based on the total number of sales for the month, that indicates "Forward Inventory" of about 2.42 months.

Homes sold "6.9% faster" this August versus last, taking 27 days on the market, on average, compared to 29 days last year.

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