This past June has been an amazing and frustrating month. Sales went through the roof with an increase in average sales price and number of homes sales. Multiple offers are back and buyers are pushing for new highs in a few key areas.
The chart to the left is the Single Family Residential Breakdown. It shows an increase of sales, a reduction in supply and less time to sell a house.
In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.
“The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”
The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.
“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”
In June the median price was $345,000, from the $335,250 recorded during June of 2008.
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