Yet another sales record was broken last month. Sales volume in September hit 8200 transactions, 2.5% higher than last September, setting a record for that month. Correspondingly, the average sale price increased by 9.2% year-over-year, to $627,395.
Although the number of new listings was up 3.2% last month, to 16,077, the high pace of sales limited the total number of available listings to 17,765, down 7.3% from September 2014. This continued the long trend of tight supply in the Toronto market. Competition among buyers remains a regular feature.
There were 1,444 condo sales in the 416 (excluding the 905 region), up 5.6% over last September. Coincidentally, the average sale price of a condo in Toronto also increased by 5.6%, to $418,603. The condo market has been strong and steady for quite some time now, and is worth considering if you want to live downtown.
The ‘fall market’ usually goes right through the first half of November; after that it becomes somewhat variable. It could continue for another month, or start to peter out. Either way, we can probably expect a strong October, and relatively busy November. There’s still lots of time to get your real estate done this year! 😉