The housing market conditions in the York area continue to tighten up throughout 2019. In the month of October demand for housing continues to creep up with a drop in the number of properties for sale in comparison to October 2018.
SALES PRICES RISE
In the month of October, we saw a decrease of 19.2% in new sales listings in comparison to October 2018 The tighter market conditions compared to a year ago is placing pressure on sale price increases across all housing segments (detached, condos, townhomes and semi-attached). In October detached home prices increased by 3% and condos increased by 1.34% in comparison to October 2018. We continue to face a housing supply issue in southern Ontario for all housing types. It is projected that the limited supply of housing stock will continue to result in housing price increases as we move forward.
In York region, in October the average detached housing sale price is $1,163,668 and the average sale price of a condo is $516,877.
As the supply of housing continues to tighten throughout 2019 we are seeing continued pressure on housing prices in York region and overall across southern Ontario. While the current pace of sale price growth remains moderate, we will definitely see stronger price growth moving forward if sales growth
continues to outpace listings growth, leading to more competition between home buyers.
If you are thinking of buying or selling in the York region and would like more information on the market communities and municipalities please give me a call 647-622-7869.