June results: Market Balanced

Rock balance by James Jordan
Rock balance by James Jordan

TREB issued their regular monthly report with fresh data from Toronto MLS. Realtors recorded lower sales numbers than the previous year; however both average price and year-to-date sales keep the record levels.

There were 8,442 properties sold in GTA area in June 2010, 23% less than in the same month of 2009. Activity generally slowed down in summer – the numbers dropped also compared to May 2010 (9,470 sales) and average days on market indicator reached 27 days, 6 less than the previous year, but also it took also 5 days more to sell your property compared to the previous month.

Still, there were 50,455 sales in the first six months of 2010, 23% up compared to the same period of 2009. As Bill Johnston, the President of Toronto Real Estate Board concluded: "We experienced a record numbers of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year. The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."

The average price climbed up 8% since June 2009, reaching $435,034. The inflow of active listings, witnessed in spring is slowing down. There were 15,086 new listings in June 2010, total number of active listings reached 23,923 properties. Although higher than in June 2009, both indicators declined compared to May 2010. It seems after 'down and up' period we have slowly reached traditional calm waters.

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