February 24, 2012 -- As we start to see February come to an end, I would like to take a snapshot look at the resale housing market this year so far. Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS system through the first 14 days of February 2012 – that is up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings on the TorontoMLS system were up by 13 per cent over the same period.
The GTA resale home market became better supplied during the first 14 days of February. So if growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rate of price growth later in 2012.
The average selling price during the first 14 days of February was $491,493 – that’s up by nine per cent compared to the first 14 days of February 2011. On average, sellers received 99 per cent of their asking price and their homes were on the market for an average of 25 days.
I asked TREB’s Senior Manager of Market Analysis Jason Mercer to give us his perspective on the numbers so far.
“Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA. There is not a mismatch in expectations, so homes sell quickly at close to the asking price,” said Mr. Mercer.
I look forward to bringing you regular updates on the market in the coming months, and certainly as we enter into spring, a very busy time for the resale housing market.
Richard Silver is the Current President of the Toronto Real Estate Board, a professional association that represents 32,000 REALTORS® in the Greater Toronto Area.
Reposted from the Toronto Sun.