Toronto & GTA House Sales - July 2014 - Fading into dog days of summer

August 7, 2014 - The residential resale sales figures for July, 2014 were released today by the Toronto Real Estate Board and reflected continued strong growth in both units sold and average prices, virtually across the board. The number of Semi-detached homes sold in Metro Toronto was unchanged compared to last July. Other than that, the numbers were all positive.

As in the past, the numbers are somewhat softer than the previous few months: The spring market fades into the dog days of summer. That said, we're busier than we've been in the summer in 25 years in the business. The biggest challenge presently is finding suitable inventory. That trend also continued in July, with the very important "Total Active Listings" figure falling another 4.7% compared to last July. Overall, last month was the second best July ever for sales.

July sales of Detached homes in Metro Toronto rose 7.8% to 1,045 year-over-year at an average selling price of $880,433, up 11%. In the balance of the GTA, there were 3,393 Detached sales, up 11.1% at an average price of $638,864, up 7.3%.

While sales of Semi-Detacheds were virtually flat across the entire area [940 sales, up 0.2%], their average selling price was up 8.2% to $517,285. Sales of Townhomes were strong, up 10.3% to 1,496 in total, at an average price of $425,596, up 7%.

The Condo Apartment sector remained very strong with sales in Metro Toronto up 13.4 % year-over-year to 1,527 at an average price of $379,002, up 4.7%. In the rest of the Greater Toronto Area, there were 605 sales, up 14.6%, at an average price of $302,685, up 7.3%.

The "Days on Market" number also fell significantly compared to last July, down 14.3% - meaning houses sold 4 days more quickly last month [24 days, compared to 28 days last July].

The Total Active Listings figure, including all residential resale property types, stood at 19,549, down 4.7% versus July 31st last year. Considering the Total Sales of 9,198 on the month, this indicates a "Forward Inventory" of just 2.13 months. That Inventory figure at the end of last July was 2.45 months.

We'll see what August brings. Normally, the month-over-month numbers don't start to pick up again until September, then tail off somewhat as winter sets in. Yikes. Apologies for that "w" word...enjoy the weather...and drop a line if you're thinking of selling: With that usual fall uptick in activity generally comes an increase in inventory: The buyers that are out there this time of year tend to be well motivated...

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