The resale real estate statistics for the month of August, 2017 are in and here are the key facts
- 6,357 sales were reported through Toronto Real Estate Board's MLS system (down 34.8% from August, 2016)
- Average selling price of all home types was up by 3.0% over August, 2016 (detailed breakdown below).
- New listings down by 6.7% Only 2.58 Months of standing inventory
Here are some additional year over year statistics based on area and type of homes that will shed some more light on the overall market conditions
Toronto Area Statistics - Year over Year Average price
|Detached Homes||- 1%|
Mississauga Statistics – Year over Year Average Price change
Brampton Statistics - Year over Year Average Price change
Milton Statistics - Year over Year Average Price change
Based on these numbers it’s clear that the lower end of the market (semis, towns, condos) are performing much better that the detached homes. Condo apartments are showing a strong 20% plus growth in all these areas followed by semi-detached homes with double digit growth in most areas.
Another strong indicator is the inventory levels have dropped to 2.58 months of inventory which is lower than last month. It seems like a market that is returning to normal healthy levels as seen over the last few years (except beginning of 2017).
If you are a Buyer, there is higher inventory unlike the first quarter of 2017. Which means that there is no need to compete with multiple number of buyers for the same property and also being able to negotiate a fair price based on factual market information.
If you are looking to sell, the demand is still there. Depending on the property/area there is still double digit yearly growth for most home types. Average days on the market is still 25 days and we are still witnessing multiple offers for exceptional properties.
Feel Free to contact me if you would like a detailed report on any GTA areas that are not covered in this post.