Sales Momentum Continues in October | Market Watch
Posted By: Rachel Kavanagh
Sales Momentum Continues in October | Market Watch – The energy from a strong September has carried over into October, with real estate agents seeing an increase in sales activity. Realtors in the GTA reported 8,491 transactions during October, a 14% increase over the same period last year and 8.7% over September 2019. Year-over-year all home types witnessed an increase in the GTA.
The average sale price for all home types in GTA was $852,142, surpassing this year’s high of $843,041. The October average sale price was 5.5% higher than the same period last year, while month over month, it was 1.08% higher. In Markham, the average sale price for a detached home decreased by 3.16% to $1,244,522. While in Stouffville, the average sale price for a detached home increased by 5.19% to $1,077,938.
There were significant increases year-over-year for each home segment in the GTA. The detached home segment in the 905-area code accounted for 57% of all the transactions in that particular area. Overall, the detached home segment received a 20.1% increase in sales and a 4.2% increase in the average sale price. Year-over-year.
In the 416-area code, the condominium apartment segment led the way in terms of transactions with 1,575 in October, a 4.4% increase over last year. However, the largest year-over-year increase was 25.5% in the townhouse segment. The increased level in sales resulted in a 3.5% increase in the overall average sale price for townhomes.
Market conditions continue to tighten month over month. New listings were lower by 16.4% and active listings were lower by 10.89%. There has been a trend over the last couple of months in which sales growth has outpaced new listings growth and the outcome has resulted in the average sale price increasing.
Luxury properties valued over $3 million have continued to function at a different level from the rest of the market. Since the beginning of the year, 17 luxury homes have sold in Markham with the average sale price being $3,486,004, while 71 properties remain on the market. In Stouffville, there have been 3 sales over $3 million with the average sale price of $3,515,000, while 20 properties remain on the market.
What Does This All Mean?
The election is now over, and time will tell as to what promises will be kept by the politicians. The economy has been strong being fueled by population growth. Interest rates have remained steady at 1.75% since last year, although it has been forecasted that during the second half of 2020, we could see a rate increase.
Market conditions have tightened with the decrease of new and active listings and the increase in sales. This tightening of the market has placed pressure on the average sale price causing it to increase. With a lower amount of inventory, it would not be a surprise to begin seeing properties with multiple offers.
* Sales Momentum Continues in October | Market Watch – written by Benczik Team Realty
For more information on your home, visit our website and get a free home evaluation to ensure you get the best seller’s service! With experience around Markham, Stouffville, Unionville, and all of York Region, Benczik Team Realty works to serve you in the best way possible! Act now, and don’t miss out on this ever-growing market.
