|Toronto residential condominium market sees highest gains in May|
In May 2011 10,046 sales were reported that is up 6% compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board (TREB) 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 TREB 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.
“We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year,” continued Mercer.
The median price was $400,000 in May, compared to $376,750 recorded during May of 2010.
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