Wednesday, December 08, 2010

Prices up sales down for November 2010 GTA Resale Housing Market


The December real estate report for November was just released. Comparing November 2010 to November 2009 homes sales were down about 13% and the average price is up 5% for the same period.

We expect that the next month or so will see a 'typical' market, which is slower than most other months of the year.

See the report below.

I hope this finds you healthy and happy,

GTA REALTORS(r) Report Monthly Resale Housing Market Figures

TORONTO, December 3, 2010 -- Greater Toronto REALTORS reported 6,510 existing home sales in November - down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642.

On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900.

"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.

"Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.

The average selling price for November transactions was $438,030 - up five per cent compared to November 2009.

"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace in the next while.

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