Sales up 40%, more Days on the Market - November Market Update

Home Sales in November in the GTA have strongly increased on a year-over-year basis. While last year a total of 4194 homes sold, there have now been 5875 transactions reported on the MLS System (+40%).

Sales in York Region also went up by 37% while the average price improved by 1.6% from $1,286,617 to $1,307,833.

(Data Source: TRREB Market Watch)

Aurora on the rise

The average home price in Aurora in November was $1,474,672 – this reflects an increase of 4.9% on a year-over-year basis. Newmarket’s prices ($1,059,916) were slightly down by 0.9% but the amount of homes sold increased by 64.3%: 92 properties is the highest number of properties sold in Newmarket since May.

7 Sales over $2m in East Gwillimbury

Sales in Bradford (38) increased by 35.7% compared to last year (28) but came down a bit compared to October (55). The average price in East Gwillimbury went back up to $1,401,015 , driven by 7 (of total 43 sales) properties that sold over $2m.

Homes take longer to sell

While the market is starting to show more activity, inventory is still very high and the amount of time it takes for a property to sell has increased. Throughout Toronto and the GTA the average days on the market went from 39 last year to now 49 days (+25.6%). Homes in Newmarket (45 days), Bradford (56), East Gwillimbury (61) and Aurora (65) took also more time to sell than last year.