THE RESALE REAL ESTATE STATISTICS FOR THE MONTH OF AUGUST 2018 ARE IN AND HERE ARE THE KEY FACTS
- 6,839 sales reported through Toronto Real Estate Board’s MLS system (up 8.5% from August 2017)
- Average selling price of all home types was up 4.7% year over year.
- Only 2.61 months of standing inventory (slightly lower than July 2018)
Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions
Toronto Statistics - Year over Year Average price change
|Detached Home||+ 4.5%|
|Semi Detached||- 0.5%|
|Condo Towns||+ 3.3%|
|Condo Apartment||+ 8.4%|
Mississauga Statistics – Year over Year Average Price change
|Semi Detached||+ 5.4%|
|Condo Towns||+ 2.9%|
|Condo Apartment||+ 9.8%|
Brampton Statistics - Year over Year Average Price change
|Semi Detached||+ 3.2%|
|Condo Towns||+ 5.5%|
|Condo Apartment||+ 19.8%|
Milton Statistics - Year over Year Average Price change
|Semi Detached||+ 0.6%|
|Condo Towns||+ 7.2%|
|Condo Apartment||- 1.3%|
Oakville Statistics - Year over Year Average Price change
|Semi Detached||+ 10.8%|
|Condo Towns||- 4.7%|
|Condo Apartment||+ 0.7%|
The sales volume for the GTA Market was up by 8.5% from August 2017, an upward trend as predicted in the last few market updates. This trend will continue through the year, and we should see a robust fall market.
Condo Apartments led the price gains last month, coming in at 6.4% year over year increase.
Since detached homes have seen the largest price drop year over year, another interesting number to look at is the change in median & average price of a detached home in the GTA from January to August 2018. The median price of a detached home is up by 3.9% and the average price is relatively flat at 0.7% in the first eight months.
Inventory levels are at 2.61 months of inventory, which is slightly lower than July 2018. The inventory is still very low and we have been experiencing multiple offers on properties that are priced well.
Homes are selling in an average of 27 days, as compared to 25 days reported in July 2018.
We have been dealing with a balanced market across the GTA as motivated sellers are adjusting their price expectations to the current market, and the buyers have started to take advantage of these low prices.
If you are a Buyer, and you have a 5 Year Fixed Mortgage Rate guarantee from your mortgage lender, it might be a good time to buy your dream home before the prices start going up. Average price of a home in GTA is up by 3.9% since January 2018.
If you are looking to sell, the demand is still there. The key is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.
Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.