Markham Real Estate Today with Asif Khan

TORONTO, April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

With supply remaining tight and demand increasing due to buyers wanting to make the leap before interest rates rise, the average price continued to climb.  Although sales were down 11%, new listings were down 19%.  Active listings were down 11% from last year.  If you are a seller wanting to go on the market later this spring/summer, now is the perfect time to hit the market. 

Attached are the year-to-date results from all four Districts.  The average price in the East Districts sits at $346,382, with days on market sitting at 27 days, and homes selling for 99% of list price.  In the West Districts, average price is sitting at $414,808, days on market is at 27 as well, and homes are selling for 98% of list price.  Central Districts, powered by C9 and C12, show an average price of $572,026, with days on market at 26 and homes selling for 99% of list.  North Districts have the lowest days on market at 23, and showed an average selling price of $506,929.  The North is also fetching 99% of list. 

For a detailed look at your neighbourhood, drop me an email or give me a call and I will provide you with specific numbers for your property.