The November 2010 figures from the Toronto Real Estate Board (TREB) which covers the Greater Toronto Area is in.
The following was a release from TREB.
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 of67,900.
"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.
Personally, I have certainly notices the shortage of listings. Normally, my suggestion to clients would be to wait until after the holidays to list their homes for sale, but given the current situation and the number of frustrated buyers out there looking for a good property which is priced right, I think now would actually be an excellent time to sell if you are in a position to do so! The challenge is finding the NEXT place to live/purchase.
Feel free to give me a call to discuss any of the November figures and what's happening out there!