Toronto East Real Estate Thrives in May 2023: A Comprehensive Market Overview
In the Toronto East Region, the real estate landscape for May 2023 was buzzing with high activity and robust demand. The dynamic nature of the market is depicted by a range of housing types - from detached and semi-detached homes to condos, townhouses, and co-ops. Here's a snapshot of how each fared in May 2023 and on a year-to-date basis.
In May 2023, a total of 757 home transactions took place, representing a staggering dollar volume of approximately $838.36 million. On average, homes were selling for $1,107,477, with a median price slightly lower at $1,090,000. With 1,244 fresh listings coming to the market and 832 active listings, buyers had an ample array of choices. Properties were generally sold 11% above the listing price and stayed on the market for an average of 12 days.
When we delve into the specifics’, detached homes were in high demand with 330 transactions totaling about $460.3 million. The average price for these homes stood at a sturdy $1,394,863, and properties were typically on the market for 10 days.
As we look at the 2023 year-to-date figures, the real estate vigor remains unwavering. There were 2,644 property transactions with a hefty dollar volume of around $2.75 billion. The average property price was $1,040,968, and homes typically stayed on the market for 15 days.
Detached homes, which seem to be the favorite, recorded 1,120 transactions, constituting a dollar volume of roughly $1.51 billion. These homes were sold for an average price of $1,348,315, and on average, it took 12 days for these properties to change hands.
The May 2023 snapshot of the Toronto East Region real estate market portrays a healthy and active market, favoring sellers, with most properties selling above the listing price. The quick turnover rate reaffirms the strong demand for homes in the region. However, it's worth noting that there were no transactions for detached condos and co-ownership apartments in May. Moreover, co-op apartments and detached condos tended to sell slightly below the listing price, indicating a softer demand for these property types.
Stay tuned for more updates and insights into the Toronto East Region's real estate market, where opportunities abound for both buyers and sellers!
Data Source: TRREB Market Watch, Click Here to see the full Report