July Average Price Up, Sales and New Listings Down
Greater Toronto Realtors® reported a 34 per cent decrease in sales over July 2009. New listings also dropped to the lowest level for the month of July since 2002. “The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in the GTA, the average price for July transactions was up six per cent over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually.
“Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
