Average price hits the $500k mark

February 2012 Market

TREB’s March 5th Market Watch revealed that the average price of a home has surpassed the $500,000 mark. According to TREB President Richard Silver, “Price growth will continue to be very strong until the market becomes better supplied.”

Speaking of better supplied, new listings in February 2012 were up year-over-year by 11-percent to 12,684.  Sales were up to 7,032, up 16-percent during the same period. The average selling price in the TREB market area was $502,508, up 11-percent from February 2011. From a mortgage lending perspective, Jason Mercer – TREB’s senior Manager of Market Analysis – continues to pride home affordability.

Mid-March 2012 report

The first two weeks of March 2012 reported an increase of 7-percent in transactions to 4,215 and a decrease of 2-percent for new listings to 6,970 year-over-year. On average, homes sold for 100-percent of the asking price.