Greater Toronto REALTORS® reported 10,046 sales in May 2011– up six per cent compared to May 2010. In Durham Region a similar picture emerged, however, the increase was only 1.27%.
The number of new listings in May, at 16,076, was down 15 per cent compared to last year. "Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Toronto Real Estate Board President Bill Johnston.
Number of Homes Sold in Durham Region
In the GTA homes were on the market for an average of 23 days and sold for an average price of $485,520 – up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.
Average Home Sale Price in Durham Region
In Durham Region the average days on market was 28 days and the prices went up by 4.8% compared to last May.
"The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year," said Jason Mercer, TREB"s Senior Manager of Market Analysis.
Sales / Active Homes in Durham Region
