Greater Toronto REALTORS® Report May Resale Housing Market Figures TORONTO, June 3, 2011 – Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up 6% compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15% compared to last year.
“Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.”
Homes were on the market for an average of 23 days and sold for an average price of $485,520– up 9% compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.
Jason Mercer, TREB's Senior Manager of Market Analysis also mentioned that in the past two to three months we have seen a clear-cut seller's market conditions emerge. Also the strong price appreciation that we have seen will hopefully prompt more households to sell their homes, resulting in a more balance market later this year.
Median Price
In May, the median price was $400,000, from the $376,750 recorded during May of 2010.
If you wish to get a detailed report by the Toronto Real Estate Board for the month of May, 2011 feel free to contact me and I will be happy to send it to you.
Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
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