May in Woodbridge Vaughan

On May 5th the Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

So lets Look at Your Neighbourhood Woodbridge. You are in N08. Whether or not Toronto is happening Woodbridge is its own sphere of influence. N08 had 1,888 homes available for sale in the last 30 day period ended April 30th. Of those 983 units sold, that is an absorption rate of 52% or basically a 5 week supply of houses.

Looking exclusively at detached homes; 458 were available to be purchased on the market with 177 homes that actually traded. The average value of those homes selling is $585 K. That is not (usually) First Time Buyer Territory. Inventory is taking a little longer to clear out which could indicate a softening of demand and an opportunity to pick through the available homes for a bargain or two.

If you are considering a purchase in this community, I would be pleased to assist you. Accordingly, if you would like an Opinion of Value or Market Evaluation Give me a call at 647 218 2414. Contact me david@davidpylyp.com