Toronto is currently at the peak of the Spring market, which explains the greatest number of sales and the highest average selling prices so far in 2014. The average selling price was $585,204, a 8.3 per cent increase compared to the average price in May 2013. Total TorontoMLS sales in May 2014 reached 11,079. This is an 11.4 per cent increase in a year-over-year comparison. Based on these statistics, there has certainly been more activity among the buyers compared to May 2013.
The listing situation has stayed the same as in April 2014. As a REALTOR® there is a lot of frustration as the number of listings is few and far between and when the perfect house is found, the buyer is subject to competition. However, that does not mean you should not compete and at least come to the table with your best offer. A lot of my buyers are move up buyers, so although they may be unhappy to buy with these conditions, they are sure happy to sell in the same market.
With available stock consistently low, look for the normally busy Spring market to extend into the Summer!
Title photo by Peter