Ajax Real Estate – Number of New Listings and Sales
Ajax real estate saw an increase in the number of new listings coming onto the market compared to the end of October 2014. The number of new listings increased 20.50% month over month and 7.40% year over year. The number of sales for the month also saw an increase when compared to October 2014. The number of sales increased 14.91% month over month and increased 9.00% year over year
The months of inventory indicator is used to determine supply and demand in the real estate industry. The MOI is calculated using the number of new listings divided by the sales. In other words, it no other homes came on the market, how long would it take to exhaust the current inventory. The chart below indicated that the MOI ending October 2015 was just 1.33 months – down slightly from 1.35 months at the same time last year. When we see the MOI this low, it is indicative of a seller’s market and we often see higher sales prices as more buyers compete for quality listings.
The average home price at the end of October was up 10.83% compared to October 2014 and increased 14.71% year over year. We also continue to see quality properties selling quickly with the average days on market before a home sells being just 13 days.
To get an accurate picture of what the real estate market is doing in your neighbourhood, I invite you to contact me today for more information.