Greater Toronto Area REALTORS® reported 2,961 sales through the TorontoMLS system during the first 14 days of October 2012, down 10.5% compared to the same period in 2011. The average selling price was $501,146 – up by almost 6% in comparison to last year.
Most of the price increases were in detached and semi-detached homes. Average price for condo apartments in Toronto had a year-over-year decline of 4% in the first two weeks of October 2011, while price for condos in the 905 areas had a 4% increase.
On average, homes are selling faster in October than the previous two months. Average Days On Market (DOM) has edged down from 28 days in September to 27 days during the first two weeks of October. Although the number of transactions has declined, it takes only slightly longer, on average, to sell a home in October than October 2011. And compared to two years ago, homes are still selling much faster now than in October 2010.
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