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 over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.In November, the median price was $366,000, up from the $353,800 recorded during November of 2009.
All four areas, (North, Central, West, and East), reported less than two months worth of inventory on the market. This means that if there were no new listings to come on the market, and sales continued at their current pace, there would not be any inventory available in less than two months. This has all the signs of a Sellers' Market, and if you're a buyer you had better get off the fence quick and make the jump into the market. As we saw last January and February, the sellers that beat their neighbours to the market will enjoy the sellers' market conditions and benefit from multiple offers on their properties. Also, the average price continues to climb moderately. Year-to-date, we are seeing an average home price of $431,346. The average price in 2009 was $395,460, which was also up on 2008's $379,347. This a thould end all the stories circulating in the media about how home prices have dropped by certain percentages, and bring some credence to the fact that home ownership continues to be a tremendous investment.
To receive a market analysis for your home or immediate area, please call me or email me and I will provide you with a similar analysis for your records. You can always reach us by email teamkhan@asifkhan.ca or by telephone 647-477-3648.
Asif Khan, Realtor
Re/Max All-Stars Realty Inc.
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