Sales statistics from the last couple of months have shown strength in the Toronto real estate market. The latest report from the Toronto Real Estate Board shows this trend continuing.
The number of homes sold in the GTA actually rose almost 2 percent over last year, which represents the first year-over-year monthly increase since December of 2007. The average price is now almost the same as last year, down less than 1 percent compared to May of 2008.
One of the more interesting stats is the comparison of homes sold (9,589) versus the number of active listings (21,524). This sales-to-listings ratio, which calculates at 44.6 percent, is indicative of a solid "seller's market". By comparison, a balanced market would be closer to the 20 percent range. This lack of inventory has resulted in homes selling quickly, and multiple offers being garnered for hot properties in a lot of the in-demand Toronto neighbourhoods.
Which neighbourhoods are hot? Homes in Leslieville and Riverdale (MLS district E01) sold for an average of 102% of listing price, after spending an average of 19 days on the market. Homes in The Beach (MLS district E02) sold for an average of 100% of list, in an average of only 14 days.
You can read complete Market Watch reports from the Toronto Real Estate Board by clicking here.