TREB Sale Prices May 2011
Number of Sales
The Toronto Real Estate Board reported 10,046 sales for the month of May 2011, up 6% from a year earlier. To put that in perspective, that's the 2nd best May for sales numbers in TREB history! At the same time, there were 15% fewer listings, which sustained the Sellers market we've had for some time.
Bill Johnston, President for the Toronto Real Estate Board said “Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May.”
Increased competition between home buyers has led to an accelerating annual rate of price growth” says Jason Mercer, TREB’s Senior Manager of Market Analysis. As well, “The number of listings has been below expectations so far this year." This “should result in more listings and more balanced market conditions” later on in the year.
- The average selling price for all homes in all TREB districts in May 2011 was $485,520 – up nine per cent in comparison to the May 2010 average selling price of $446,593.
- Toronto Real Estate Listings were on the market an average of 23 days (DOM), one day longer than a year ago.
- Average sales to listings ratio was 54% , far better than the 37% from a year earlier. Readers should understand that this is an unusually high percentage of sales for the market as a whole. It's just one more indicator that we're still in a strong Sellers market.
East End Toronto Real Estate Statistics for May 2011
While looking at the GTA Real Estate Market provides a good idea of overall trends, it can paint a distorted picture of local 'micro-markets'. My personal focus is on the East End Toronto Real Estate Market, specifically districts E01, E02, and E03, which include The Beaches, Leslieville, Riverdale and Danforth Village, Danforth Mosaic and East Danforth.
E01 (Leslieville / Riverdale)
E01 had 110 sales, with 123 active listings at the end of the month, or a sales to listings ratio of 89% and an average price of $575,003. Average days on market – 14. Even with rising prices, the average Seller received 103% of asking price!
E02 (Beaches/Danforth Village)
E02 saw 104 sales, with only 113 active listings at the end of the month. That’s a great sales to listings ratio - 92% ! The average price for all E02 homes/condos was $624,583, and the average home received 103% of ask. Average days on market – 12.
E03 (Riverdale/Danforth Village)
E03 saw 155 properties sold, with 206 active listings at the end of the month, or a sales to listings ratio of 75% and an average price of $447,690. Average days on market – 17. The average ratio of asking price to selling price was 102%.
How do East End Toronto Markets Compare to the Rest of the GTA?
It’s been difficult to break out statistics by homeowner neighbourhoods. We've never had universally agreed upon boundaries for Beaches, Riverdale, Leslieville and Danforth Village. But starting in July, the district maps will be redrawn to better reflect your local neighbourhoods.
It should make it just that much easier to show how these areas continue to surpass most other markets in Toronto. East End Toronto (E01, E02, E03) sales to listings ratios were 89%/ 92%/75% respectively. Total TREB sales to listings were 54%.
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Each month I sift through a mountain of raw data to deliver answers to your most important questions. How am I doing? Leave a comment below or send an email to let me know how you’d like this post to change. I can examine other stats, or dig deeper into the conclusions I’m pulling from the data. This post is for you and I’d like it to be as relevant to your needs as possible.
For the full Toronto Real Estate Market Statistics report, May 2011, see below for the ‘Slide-Share’ presentation. Use arrows to scroll through the presentation.
This entry was posted on Thursday, June 5th, 2011 at 12:52 pm and is filed under Info for Buyers, Toronto Stats. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.