Over the past year, we have heard through the media about how weak the Real Estate market is in the GTA. Focusing our article on South Riverdale, I am going to point out the strengths of this area. Last year, at this time, when all was assumed fine, the average home price was $450,784 the number of sales in this area was 109 and homes were on the market for 14 days, selling at 105% of listing price.

Over the past year we have read many negative articles and I would like to shed some light on these issues. In May of 2009, the average sale price in South Riverdale was $458,088, an increase of over 2% over this time last year. We did see the market decline in this area over the latter stages of 2008 and early 2009, but over the past few months, we have seen this area rebound back. In just the past month, we have seen prices increase by almost 10%.

The next statistic which is quite interesting is the fact that the number of sales in South Riverdale were the same as this period last year and up by almost 20% over last month. We also saw homes sell for more than listing price last month (102%).

Does this mean that this market is recovering? It would certainly seem so, based on the trends over the past few months. We are even seeing multiple offers again - my listing on Allen Avenue had 10 offers!