Supercost, up, up and away

As was expected, home prices in Leaside and Bennington Heights are not just rising – they are leaping up.

A bungalow on a 29.5-foot lot sold in May for 57 percent more than its list price, or $1,571,000.

That is more than the average price of all homes sold during the 12 months from May 2015 to this past May, $1,475,850.

And that average price is 8.3 percent higher than the average price of the previous 12 months, May 2014 to May 2015.

More high numbers:

The highest valued sale on MLS so far in 2016 was $2.690 million for a new home with a 35-foot frontage in South Leaside, on Parkhurst. Even the lowest valued sale was remarkable: $800,000 for a three-bedroom row house on Millwood.

Year to date changes are also worth noting.

Although the number of detached homes sold the first five months of this year is higher than in the first five months of the previous year, up from 62 detached homes sold to 72 homes, the stronger supply could not keep prices from rising by 5.6 percent, to an average $1,655, 866.

Semi-detached homes, as we now expect, did better. There was a decrease in sales, of 6.7 percent, and average prices jumped by a huge 24.5 percent to $1,111,526 in average value.

May has become what now looks like the super normal for Leaside-Bennington Heights.

There were fewer homes sold than the previous May, 29 compared to 31, but the average price rose by 6.8 percent to $1,732,167. Top dogs, of course, were the semis, of which there were only five sold for an average value of $1,254,290, up by a whopping 37 percent.

An average sale price 15 percent higher than asking helped lead to seven of the 29 homes selling for over $2 million and 28 of them for over $1 million. They all sold in an average of 12 days.

Jethro Seymour is a broker at Johnston & Daniel. All figures are from the Toronto Real Estate Board’s Multiple Listing Service.