Greater
Toronto REALTORS® reported 6,564 sales in July – 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
$339,900 recorded during July of 2009.
