Greater Toronto Realtors reported 6,681 sales through MLS in October,2010. This represented a 21% decrease compared to the 8,476 sales recorded in October 2009. Through the first 10 months of this year , sales amounted to 75,582- up 1% compared to the same time period in 2009.
” The annual change in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010, ” said TREB President Bill Johnston.
“The composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42% of total sales in the City of Toronto and almost 60% of sales in TREB’s central districts,” Johnston continued. ” In regions surrounding the City of Toronto, in contrast, low rise home types accounted for almost 90% of transactions.”
The average price for October transactions was $443,729- up 5% compared to the average of $423,559 reported in October 2009. The average selling price for the first 9 months of the year was $430,802 compared to $429,553 in the first 9 months of 2009.
” The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable,” said Jason Mercer TREB’s Senior Manager of Market Analysis. ” A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an averaged priced home.”
” The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household,” continued Mercer.
Other notable statistics include the average days on the market for October at 31 days compared to 26 days the same time last year. The sales-to-listings ratio for October is 36.5% which is still in seller’s market territory. A ratio from 24%-28% is considered a balanced market. Remember Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my clients prior to submitting an offer to determine the property’s market value range. Active listings were up by 24% from the same time last year.
Remember that real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.
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