Toronto East Real Estate Thrives in May 2023: A Comprehensive Market Overview

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

 

 

Prepared by.

Sami Chowdhury

 

Are you considering purchasing your dream home or looking to invest in a property? Or perhaps you're thinking of selling your current one? Allow me to guide you smoothly through the entire process, from start to finish, ensuring a hassle-free experience. I invite you to reach out for a complimentary, no-obligation consultation. Your journey to success begins with a single conversation!

 

 

Sami Chowdhury

Broker

RE/MAX Realtron Realty Inc., Brokerage

885 Progress Avenue, Suite 209, Toronto, Ontario, M1H 3G3

samichy@torontobase.com

Direct: (647) 725-0606

Office: (416) 289-3333

Fax:  (416) 289-4535

www.torontobase.com

 

What is DOM (Days on Market)?

• DOM stands for days on the market, how long a property is on the market. It generally is between the day the property is listed and the day it becomes off the market.

Is the Average DOM calculated based on sold listings?

• Yes, it is. The Average DOM is the average DOM of sold properties.

What is CDOM (Cumulative Days on Market) and how is it calculated?

• CDOM stands for continuous days on the market and tracks consecutive listing periods.
• While all MLSs are a little different, the generally accepted rule is that, if a property is re-listed within a 30-day period of it's previous expired, withdrawn, or canceled period, CDOM kicks in and tracks the aggregated listing time of the property. If the property is off the market for 30 days, it resets the CDOM. CDOM is usually only measured for a maximum period of two years.
• If you have questions about how CDOM is calculated in your region, please contact your primary support person for Trend Graphix or speak with a representative for your local MLS.

The average selling price to listing price (SPLP)

What is Sold/List Diff. %?

• The Sold/List Diff. % represents the percentage difference between sold price and list price of sold properties.

What is Sold/Orig. List Diff. %?

• When a property is listed on the market, the list price may change a couple of times before it gets sold. The original list price is the price that is first entered into the MLS database when a property is listed on the market. The Sold/List Diff. % represents the percentage difference between sold price and original list of sold properties.

What Does the Days on Market and Sold/List Price % Report Do?

• This report shows the percentage of sold price/list price at which an equal number of properties are sold above, equal or below the list price.
• It indicates how long it has taken to sell those properties.
• The percentage of sold price/list price helps identify where the market activity is the strongest.
• The days on market figure helps establish the minimum listing period.
• It helps identify the best match for a buyer's price range.

How to Use Days on Market and Sold/List Price % Report?

• If the percentage of sold price/list price is closer to 100 then there are more potential buyers available for the property.
• If a property's listing period is less than the average days on the market, the listing will have a greater chance of expiring before it is sold.

 

 

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