May Real Estate Blooms
Greater Toronto Realtors reported 5,142 transactions through the Toronto MLS System during the first 14 days of May 2012. This result was up by more than 14.5% in comparison to the first 14 days of May 2011. The number of new listings continued to grow at a slower pace than sales – up 13% year-over-year to 8,749.
Comment: Interesting to note that sales volume and listings are rising faster than price. Good to see. And nice to see listings rising by 13% and not just 4%.
“Annual growth in sales was experienced across the GTA for all major home types in the first half of May. Sales growth was strongest for the condominium apartment segment. While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment,” said Toronto Real Estate Board President Richard Silver.
The average selling price for transactions in the first 14 days of May was $517,242 – up by 6% compared to the same period in 2011.
“A shortage of listings in the low-rise segment of the market has resulted in a lot of competition between buyers and above average annual rates of price growth. Tight market conditions are expected to remain in place for the balance of 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Comment: Even with faster-growing listings, sales are still ahead. Until we have a year or two of listing growth exceding sales growth, we are going to have the same supply & demand problem.
Summary of TorontoMLS Sales and Average Price
City of Toronto (“416″)
2012 Sales: 1,959 | Average Price: $572,159
2011 Sales: 1,763 | Average Price: $547,659
Rest of GTA (“905″)
2012 Sales: 3,183 | Average Price: $483,443
2011 Sales: 2,725 | Average Price: $448,126
All of the GTA
2012 Sales: 5,142 | Average Price: $517,242
2011 Sales: 4,488 | Average Price: $487,225
Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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