AVERAGE PRICE UP IN JULY 2010

According to Toronto Real Estate Board (TREB), there were 6,564 sales in July 2010 reported by Greater Toronto Realtors. It represents 34 per cent dip from the record 9,967 sales in July 2009. Also, the number of new listings dropped to 10,825 and that is the lowest lever 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.

As for the West End of GTA the average house sale price in July 2010 was $405,155, sold within average 23 days and for 99 per cent of asking price (average). These numbers are much better than in July 2009 when the average house price sale was $363,778, sold within 37 days and for 97 per cent of asking price.

If you would like to see what is currectly for sale in the West District click here.

Would you like to know the market statistics for YOUR AREA specificaly ?