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Market Watch Update June 2010
GTA REALTORS® Report Monthly Resale Housing Figures
TORONTO, JULY 6, 2010 - Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June.
This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said newly elected Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The annual rate of average price growth in the second half of 2010 will be in the single digits.” The Listing to sold ratios are compared for the last 14 months on the results page. Check the video for stats and commentary
We have moved slightly into a more Balanced or Normal Market. Things are taking a little longer to sell in the sense that they stay more days on the market. What does that mean for you? Longer cleaning raking and polishing apples waiting for a buyer. For Buyers - a larger selection with time to decide. Fasten your seat belts and Stand by… The HST is still coming! If you would like to receive the monthly market watch on a regular basis Complete the details below.
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