GTA Real Estate Sales Continue Strength, Average Sale Prices Reach Record Levels

By: Randy Miller

GTA Real Estate Sales Continue Strength, Average Sale Prices Reach Record Levels

Tags: COVID, GTA, Druham, Whitby, Real Estate, Toronto

During the month of May, the Toronto Regional Real Estate Board (TRREB) reported 11,951 residential sales, more than double the number of sales reported last May when the country was in a lockdown due to Covid-19. While the sales volume during May was slightly lower that April’s level, many Realtors feel that  tighter supply of good properties may be hindering sales in some areas and price ranges. 
 
The avenge sale price in the GTA reached a record level of $1,108,453, up 28% from last May and up slightly from April’s average, indicating there is consistent demand houses and condos.
 
Within Durham Region, TRREB reported 1,574 residential real estate transactions, which is more than double the number of sales recorded last May and up 93% on a year to date basis when compared to last year.  The average sale price recorded in Durham during April was $902,135, up slightly from April’s average sale price and 27% higher than the average price a year ago.
 
Activity within the Durham market remains brisk and multiple offers are still very common, especially for entry level or starter houses priced at or below $600,000. Houses priced around $1 million, still receive multiple offers, as many people are wisely moving up into larger homes. Looking forward, unless more listings are available, current price levels could remain intact. While many commentators have predicted a slowdown, there is little evidence of that yet. During May, the average house in Durham Region was sold in just 13 days. Given that most listings ”hold” offers for 5-6 days, its clear that good houses and condos are in high demand.
 
If you are thinking of a move and want to take advantage of current real estate values, please contact me. I’ll give you sound, experienced advice. If you choose to sell, my staging services, digital marketing and social media promotions will get you plenty of exposure, ensuring that you achieve a fantastic sale price.