No this is not in New York or Las Angles or London England, but the Toronto Real Estate Board has released the sales for April and for the period between April 2013 and April 2014 prices for a single detatched incresed 13 %.
This means in the old City of Toronto the average sale price for 4,878 transactions was $ 965,670.00 and semidetatched increased to an average of $ 702,3322.00 up 18%. By comparison the average sale price for a condo was $ 296,078.
This really showes the effect of supply and demand as the shortage of listings is creating multiple offers on single and semi detatched homes while there is a good some say an over supply of condos with many new units hitting the market this year.
How do we compare in rhe local Peterborough Real Estate Market. Stats just relesed by PKAR, ( Peterborough Real Estate Board ) reflect the market in the rest of Canada for the first four months of the Year. Listings at the end of April for the entire board are dow 15 % from 2289 Active Listings to 1951. Sales are only down 7 % from 632 to 586 units. The average sale price is up only 2.33% to an average sale price $ 268,351.00.
Here are some suprizing stats for just the City of Peterborough and not the entire board. If we compare April 2014 to April of 2013 sales held steady at 113 transactions v/s 111 for April 2013. Prices were up from and average in 2013 of $ # 249,699.00 to $ 272,792.00 or an increase of 9 %.
There were only 251 Active listings and with the sales rate it works out to only 2.39 months supply of inventory, truly a seller's market.
The largest sale by catagory for the month of April was from $ 250,000.00 to $ 299,900.00 with 40 transactions or almost 40 % of total sales.
If you are thinking of selling this spring and have a property in or close to the City of Peterborough you are in a seller's market. If you plan to buy this year you may have a harder time locating the " Right House " at the " Right Price " Unlike the City of Toronto were on almost every transaction there are Multiple Offers, our Broker of Record has noticed that with