As we step into November, the real estate market in the Greater Toronto Area (GTA) is witnessing notable developments. Here’s an overview of the key trends and statistics for October 2024, compared to the same time last year.
Average Selling Price
In October 2024, the average selling price rose to $1,135,215, marking a slight increase of 1.1% from $1,123,390 in October 2023. This modest uptick suggests a stable pricing environment buoyed by a recovering demand as more buyers re-enter the market.
Sales-to-New-Listings Ratio
The sales-to-new-listings ratio in October 2024 reached approximately 43.4%, reflecting tighter market conditions compared to the previous year. This indicates a more competitive landscape, as the number of homes sold is relatively high compared to the number of new listings.
Home Sales
Total home sales surged to 6,658 in October 2024, a remarkable increase of 44.4% from 4,611 sales in October 2023. This robust growth signals a reinvigorated market, with many buyers taking advantage of favourable borrowing conditions and relatively stable home prices.
New Listings
New listings saw a year-over-year increase of 4.3% in October 2024, totalling 15,328 compared to 14,700 in October 2023. This increase in inventory helps meet the rising buyer demand, contributing to a balanced market.
Property Type Breakdown
Here’s a closer look at the average prices and sales for different property types in October 2024:
Detached Homes: Average price of $1,462,838 with 3,139 sales.
Semi-Detached Homes: Average price of $1,108,376 with 612 sales.
Townhouses: Average price of $920,201 with 1,123 sales.
Condo Apartments: Average price of $694,038 with 1,722 sales.
What This Means for Buyers and Sellers
The increase in average selling prices and home sales, along with a stable influx of new listings, indicates a market that favours both buyers and sellers. Buyers can benefit from a diverse inventory, while sellers should capitalize on the strong demand by pricing their homes competitively to attract interest.
Get in Touch
If you’re interested in how these trends affect your specific situation, whether you’re buying or selling, our team is here to provide guidance and support in navigating the current market.
Call Us: 289-769-0113
Email Us: info@rteamca
Conclusion
Understanding the latest market trends is crucial for making informed real estate decisions. The October 2024 data reflects a market that is adapting to changing conditions, presenting opportunities for both buyers and sellers. Whether you’re searching for your dream home or looking to sell, staying informed will help you plan your next steps effectively.
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