June 3, 2010 -- Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
As predicted the market is normalizing as more listings come to market buyers have more choice.
New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.
The first quarter of '10 was insanely active compared to a relatively inactive first quarter of '09. As we move through the 2010 the year on year numbers will show more significant drops in units sold. The indicator to watch for is average price which will moderate towards year end. Some commentators are looking for a price drop. If any it will be minor
In May, the median price was $376,750, from the $337,000 recorded during May of 2009.