Real estate Update May 2011

Newmarket Real Estate : Aurora Real Estate & Keswick
Aurora Homes For Sale : Richmond Hill Homes For Sale : Newmarket Homes for Sale

Real Estate Update May 2011

Real Estate Update
May 2011

To Return To Archived Reports Click Here

Inventory Down - Prices Up!

I hope this report finds you well!

The number of homes for sale was down more than 20% in April 2011 from April 2010. These lower inventory levels have again pushed prices up. It's a case of supply and demand as home buyers are still looking to capitalize on the low interest rates which are predicted to rise in the near future.

Check out the detailed market report below and then click on the following links to view our featured listings (Including Open Houses), Search 1000's of Homes, get Your Area Report and more!


Real Estate Market Statistics

Greater Toronto REALTORS® reported 9,041 existing home sales through the TorontoMLS® system in April 2011. This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898. While off last year's record result, April 2011 sales were in line with the average April sales level reported over the previous five years.

"Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities," said Toronto Real Estate Board (TREB) President Bill Johnston.

Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of new listings during the month - up substantially from 53 per cent in April 2010. Tighter conditions resulted in the average April selling price growing by nine per cent annually to $477,407.

"The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The strong price growth experienced in April should result in more listings and more balanced market conditions."


From The Toronto Real Estate Board (TREB) Market Watch May 4th, 2011. TREB includes: York, Durham, Peel and part of Simcoe Regions.


 

 

Aurora Real Estate : Keswick Real Estate : Newmarket Real Estate
Jay Miller Real Estate Ltd. Brokerage
Aurora Real Estate, Bradford Real Estate, Newmarket Real Estate,
Richmond Hill Real Estate

(905) 717-3525 or (416) 860-6688

Home | Buyers | Sellers | Schools | Relocation | Links | About Jay
Reports | Contact | Sitemap | Sites of Interest

The Jay Miller Team: Jay Miller*, Allan Henderson+, Cindy Barrett+, Matthew Miller+, Purvis Mirza+, Stephanie Hekman+, Sandra Silva+, Greg Hart+, Doug Sexsmith+, Claudine Simone Hau+, Phil Laxdal+, Tyler Vass+, Ian Hart+, Ranjit Kaur+, Shannon Zabaneh**, Diana Vallee**, Amber Forhan**, Jill Clarke**, Diana Hunt**
* Broker, + Sales Representative, ** Administrator

Copyright © 2016. All Rights Reserved. Privacy Policy | Google+

 

Enter your email address below.