GTA REALTORS® Report February 2012 Mid-Month Resale Housing Market Figures

The Toronto Real Estate Board released their numbers for the first two weeks of February today.  MLS transactions were up over 9% and new listings were up by 13% compared to the same time period in 2011.  Check out the report below.

TORONTO, February 16, 2012 – Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011.  New listings 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.  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 rates of price growth later in 2012,” said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price during the first 14 days of February was $491,493 – 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.

“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 Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS® Sales and Average Price

 
February 1 – 14

 

 
2012 2011  
Sales Average Price Sales Average Price  
 

City of Toronto (“416”)

1,214 $543,068 1,244 $499,489  
 

Rest of GTA (“905”)

1,992 $460,061 1,689 $414,958  
 

GTA

3,206 $491,493 2,933 $450,811  
 
 

TorontoMLS® Sales & Average Price  By Home Type

February 1 – 14, 2012

Sales Average Price
416 905 Total 416 905 Total
Detached 417 1,154 1,571 776,011 553,233 612,366
Yr./Yr. % Change 8% 22% 18% 3% 11% 7%
 

Semi-Detached

131 209 340 595,453 382,458 464,524
Yr./Yr. % Change -2% 12% 6% 18% 9% 12%
 

Townhouse

103 343 446 390,750 341,459 352,842
Yr./Yr. % Change -12% 11% 5% 0% 10% 6%
 

Condo Apartment

552 247 799 388,215 269,637 351,558
Yr./Yr. % Change -7% 15% -1% 8% 4% 5%

 

Click here for a link to the news release.

 

 

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