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Sales and New Listings Down, Average Price up in July
August 5, 2010 -- Greater Toronto REALTORS® reported 6,564 sales in
July ¨C a 34 per cent dip from the record 9,967 sales reported in July 2009. New
listings, at 10,825, 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 GTA, the average price for July transactions was
$420,482, representing a six per cent increase over July 2009. Over the first
seven months of 2010, the average selling price was up 12 per cent annually to
$432,253.
"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.
Median Price
In July, the
median price was $361,000, from the $339,900 recorded during July of 2009.
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