Down 5.1% compared to last September and indicating that the tight inventory

October 4, 2014 - The Toronto Real Estate Board has released the residential resale market statistics for the month of September, 2014, reflecting continued strength in all areas and for all housing types. The only negative number in the report was for the "Total Active Listings" which was down 5.1% compared to last September and indicating that the tight inventory / sellers market continues...

There were 1,052 sales of Detached homes in Metro Toronto, up 10.6%, at an average price of $951,792, up 11.5% [all figures year-over-year]. In the balance of the Greater Toronto Area there were 2,824 Detached homes sold, a up 6.5%, at an average price of $656,003, up 8.0%.

Overall, that Detached group - combining the entire area - rose to 3,876 sales, up 7.6%, at an overall average price of $736,824, up 9.5% compared to the year-earlier period.

Condo Apartment sales also continue their strong run, up 15.6% to 1,376 units in the 416 at an average price of $395,505, up 9.2%. In the rest of the GTA, the number of units sold shot up 32.2% to 600 at an average sale price of $300,273, up 3.5%.

As TREB's Director of Market Analysis, Jason Mercer, puts it, "If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales...[this year]."

The very important Total Active Listings number of 19,165 [which, as noted above, is a 5.1% drop from September, 2013] divided by the total sales for the month of 8,051 [up 10.9% from last September] indicates a forward inventory of just 2.38 months.

The time it took to sell a home in the GTA was 25 days, or "7.4% faster" than September 2013.

To one and all, a very Happy Thanksgiving...

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