With the end of summer, GTA realtors reported 7,711 residential sales through TREB’s MLS® System, which represented a 13.4 per cent increase compared to August 2018. On a month over- month basis, taking the preliminary seasonal adjustment into account, sales were up by 0.8 per cent.
Detached houses recorded 21.3 per cent sale rise in a year-over-year comparison. Semi-detached houses rose by 11.8 per cent and townhouses by 13.7 per cent. Condominium segment reported sales up by exactly 4 per cent.
Market conditions tightened by the end of summer. New and active listing numbers were both down by 3 per cent and 11.2 per cent respectively.
Average price went up with the tightening conditions by 3.6 per cent in every segment. GTA Buyers paid an average price of $792,611 in August 2019. Detached homes were 0.3 per cent more expensive in a year-over-year comparison, marking the average price for a detached home on $978,920. Semi-detached homes and townhouses rose by 3.5 and 2.3 per cent respectively. The average condo in Toronto was $574,632 in August 2019, upping the price by 6.1 per cent and continuing to lead the way in terms of price growth.
The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9per cent on a year-over-year basis.
Richard Silver, Sales Representative, SVP-Sales
Month after month the market seems to be improving, however, some sellers are expecting prices that they saw or would have seen in the Spring of 2017. The feeling in the market is much more positive but those who are successful at selling must be committed to a price that must reflect the statistical drop since 2016-2017. Multiple offers were the rule then but are the exception now.
Listings are still at a low as buyers and sellers find themselves in a different reality. Sellers are expecting that one person to understand their home and offer over the market value. In this market that prospect is not a hopeful one.
We are testing some new programs that allow us to be much more accurate in predicting the chance of selling, the best months and establishing a better view of past sales and how it reflects on your ability to sell today and at what price. We plan on reviewing our present and upcoming listings for an easier to discern view of the market surrounding each property.
We look forward to consulting with you on your Real Estate plans and are committed to offering you a number of solutions without a vested interest.