Greater Toronto Realtors reported 7,711 residential sales through the Toronto MLS system in August 2019. The number of transactions in August jumped by 13.4% compared to 6,797 in August 2019.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in August at 21.3%.
The number of new listings reported in August 2019 was down by 3.0% compared to August 2018. The number of active listings reported in August 2019 was down by 11.2% compared to August 2018. Both statistics support tighter market conditions.
The average price in August was up by 3.6% from the same time last year to $792,611. Condo apartments in the GTA led the way in terms of an average price increase at 6.1% compared to the same time last year.
Sales of Toronto (416 area code) condominium apartments increased by 2.2% in August 2019. The average price of a 416 condo apartment increased by 5.7% in August 2019 from the same time last year to $619,307.
Condominium apartments accounted for 26.8% of total GTA sales in August while detached homes accounted for 46.9% of the total sales.
Other notable statistics include the average days on the market in the GTA for August at 25 days, down from 27 days a year earlier. The sales-to-listings ratio for August 2019 was 48.6% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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