This Sums up how the market is Doing......

I am often asked about how is the Real Estate Market doing?
 
This year presents similar challenges that we faced in 2013.  The market in the GTA is being faced with an increase in demand or sales, sale prices but a shortage of inventory on the market.  Many real estate gurus feel that this trend will continue at least for the next 24 months. 

Below I have listed some interesting facts that are taken from a Toronto Star article on February 5,2014; written by Susan Pigg; a Business repoter that publihes several articles:

For the month of January:

  • Sales of detached homes were down 4.3 per cent in Toronto and 6.5 per cent in the suburbs, in large part reflecting the shortage of those most sought-after properties for sale.
  • The average sale price of a detached house in Toronto hit $888,210, up almost 15 per cent, according to TREB. That compares to a 10.5 per cent price jump to an average sale price of $620,654 for a detached home in the suburbs.
  • Semi-detached sales were down 5 per cent in the 416 region and almost 9 per cent in the 905 area, with average sale prices up 6.1 per cent (to $622,319) in Toronto and 6.3 per cent (to $416,441) in the suburbs.
  • Townhouse sales were up 7.4 per cent in the 416 and flatlined in the 905, with prices up 4.6 per cent (to an average $439,401) and 10.4 per cent (to $396,320), respectively.
  • Active listings also plummeted by 16.4 per cent, down to 11,903 properties still for sale across the GTA in January, compared to 14,231.

This presents several challenges for buyers, sellrs and he realtors that represent them.  

 

Leo Manchisi

Leo Manchisi

Sales Repreesentative
CENTURY 21 Miller Real Estate Ltd.
Brokerage Independently Owned and Operated
467 Speers Road, Oakville, ON L6K 3S4
Email: leo.manchisi@century21.ca
www.century21.ca/leo.manchisi

 

 

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Leo Manchisi

Leo Manchisi

CENTURY 21 Miller Real Estate Ltd., Brokerage*
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