The Toronto Real Estate results are showing even more listings as more home owners are now putting their homes on the market. It also seems that Mid-May results are showing an average resale price in positive figures on a month over month basis.
The fact that there are so many new listings will result in some price adjustments in certain areas of the city that are now trending into an over supply condition.
Read the Toronto Real Estate Boards Mid-May Report:
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May. This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.
“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour
“The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.
“The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
If you’re thinking of buying or selling Toronto Estate and would like to know how I can help, feel free to contact me for more info.