The kids have only just gotten back to the routine of back to school and yet the fall Toronto real estate market is already in full swing!
We’re seeing big jumps in inventory coming out earlier than usual and bidding wars even through August – a time when buyers can usually expect to pounce on listings that are being ignored through the summer.
We’re also seeing a ton of buyers who are still frustrated by lack of inventory. If you’re thinking of selling, now is the time to take advantage of the flood of buyers.
If you’re buying, it’s time to get creative. Be fully prepared at offer time with your financing but still be cautious regarding home inspections. If we think an offer night is going to be highly competitive, we rely on our preferred inspectors to come in short notice to conduct a home inspection before the offer night so our clients can feel confident bringing a clean (no conditions) offer.
We also help our clients look outside the current market. Once we have a solid understanding of what someone is looking for, we will literally knock on someone’s door to see if they would consider selling.
Here is the latest data from August…
In the Beach (E02):
Average price: $802,353
Average days on market: 21
Sale price to list price: 101%
Year over year price growth: 10.14
Average price: $667,977
Average days on market: 9
Sale price to list price: 104%
Here is the August 2014 summary from the Toronto Real Estate Board… – Click here for the full Market Watch
TORONTO, September 4, 2014 — Toronto Real Estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 per cent compared to 7,391 transactions reported in August 2013. Year-to-date sales through the end of August amounted to 65,454, which represented an increase of 6.5 per cent compared to the same period in 2013.
“The last full month of summer ended on a high note. As we look toward the fall market, I expect that demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA. The fact that sales were up for all major home types in August suggests that first-time buyers and existing home owners remain very active in today’s marketplace,” said Mr. Etherington.
The average selling price in August 2014 was $546,303 – up 8.9 per cent in comparison to the average of $501,677 reported in August 2013. The year-to-date average price through August was $562,504, which represented an increase of 8.5 per cent in comparison to the same period in 2013.
“The number of listings in August was down in comparison to last year, while the number of sales increased. This means that sellers’ market conditions remained in place with a lot of competition between buyers. This is why we continued to see strong price growth last month. Looking forward, if sales growth continues to outstrip listings growth, the average selling price should continue to increase on a year-over-year basis,” said Jason Mercer, TREB’s Director of Market Analysis
August 2014 Housing Charts