As I write this drinking my coffee, I can't stop thinking about about what I just finished reading and interpreting. This is a perfect seller's market. The Toronto Real Estate Board published May market statistics by district yesterday and I have reviewed the key indicators and will interpret the May numbers for the Vaughan Real Estate Market. The market is definitely a seller's market and with the better weather finally here now, the spring market is about to get even hotter.
Last May 2010 wasn't a strong month for sales and the numbers for this May are not surprisingly up substantially versus last year. however, they are about average for a normal May. Again the media influences what they report and most reporters fail to mention this fact.
Market conditions were tighter in May compared to last year. The tight market resulted in strong price growth for the month of May. With competition between buyers, we have seen a very strong but sustainable rate of price growth. Right now, I will provide my observations, for those that are interested, on the Vaughan Real Estate Market. Here are some quick facts and a brief market update on Vaughan Real Estate and Vaughan Homes For Sale for May 2011.
In my last update, I spoke about a healthy market when it comes to Vaughan Real Estate and that is exactly what we are expereincing when it comes to Homes For Sale in Vaughan. As you may know by now, I am all about facts and here are the facts for Homes for Sale in Vaughan for May2011.
The Vaughan Real Estate market showed that inventory was down substantially for May versus the prior year for the same month. We had 461 active listings this past May versus 717 last May. That represents almost 36% fewer lisitngs. In a nutshell, Vaughan is experiencing a lack of listings right now. That bodes well for sellers so if you are thinking about selling, now might be a good time to put your Vaughan home up for sale.
The Vaughan Real Estate Market for May 2011 had 307 sales versus 260 transactions last May. These numbers indicate that the Vaughan Real Estate Market remains strong, is quite stable but we are lacking some quality listings right now.
When we look at the average selling price in the Vaughan Real Estate Market for May 2011, it was at $576,184 which is up 8.23% versus last May's number of $532,089. Again, the Vaughan Real Estate Market remains positive relative to average selling price versus the prior year and with more buyers looking at fewer available units, the numbers make sense. The old supply and demand theories at work again.
Homes for Sale in Vaughan were on the market for an average of only 21 days in May, which is down versus last May's number of 24 days. Again more buyers looking at fewer available units and these buyers are buying quickly. These numbers indicate that the Vaughan Real Estate Market remains healthy and that it is a sellers market right now.
That's pretty much it for Vaughan Real Estate and Vaughan Homes For Sale for March. Watch for my June Market Update in a few weeks.
If you want to see these market update numbers for any month, please visit my website at www.AtYourServiceAlways.com and look at the left menu for the month you are looking for. You can check any district in the GTA.
By the way, when you are dealing with any Realtor, make sure they know these facts as well. If not, find one that does. Have a great day.
