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Hello! And welcome to the latest edition of the GTA Market Watch with the most recent information on our local real estate market. Today, I will be reporting on the number of homes sold in our market through July of this year as compared to the same time last year. Also, we will be taking a look at our present inventory levels plus the average price of homes sold. Finally, we will review how many days that properties remain on the market prior to being sold. In addition, a look at the condominium market in the Greater Toronto Area.
Number of Homes Sold
Through July of this year, we have sold a total of 7,570 homes. With a decline of 1.5% from the same time last year, in 2011 the total number of sold homes was reported at 7,683.
Inventory of Available Homes
In terms of the number of homes available on the market, we saw an increase of 16% year over year. By the end of July 2012, we had 20,318 homes available for sale whereas in the same time frame in the previous year there were 17,515 available homes.
Media Home Price
Priced have increased modestly but they are heading in the right direction. As of July 2012, the average selling price is reported at $476,947 as opposed to $458,646 in July of the previous year. This translates to a 4% increase year over year.
Days On Market
The total number of days on average that our homes have remained on the market before selling has remained unchanged this year as compared to last, at 26 Days On Market.
Condominium Market Set to Expand
As the second largest city in terms of the number of high rises, with New York City ranking at number one, Toronto currently has 132 new high-rise buildings under construction as well as 1,875 existing such buildings. We expect to see as many as 53,000 new condo units available in the next 18 months.
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If you are ready to buy, sell or invest in property in the Greater Toronto area, I welcome a call from you so we can discuss your needs and get to work at realizing those goals. Call me today at 416.918.5979.
