Market Watch July 2014

The Greater Toronto Area Realtors have just released the latest real estate sales numbers. Last month, there were 9,198 sales transactions reported through the TorontoMLS system, which represents a 9.9 per cent increase from 8,367 in July 2013. The average selling price last month was $550,700, representing a 7.5 per cent year-over-year increase from $512,286. The average days on market (DOM) fell 14.3 per cent to 24 days last month from 28 days in July 2013. Overall, last month saw the second highest sales numbers for July in its history. 

Paul Etherington, the president of Toronto Real Estate Board (TREB), reported that these numbers can be seen across all home types and are consistent with the strong positive trend the real estate sector saw in the beginning half of the year, despite a tightening of market conditions. 

TREB’s Senior Manager of Market Analysis Jason Mercer predicts that a “strong demand for ownership housing” will continue to drive home selling prices for a “sustained period of time.” 

So if you are looking to buy, sell or lease a property now, there has never been a better time. Contact an experienced and knowledgeable Century 21 King’s Quay realtor today!  

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