Greater Toronto REALTORS® reported 4,597 sales through the first 14 days of June – a result that was on par with the strong sales activity reported in the June 2011 mid-month release. While sales were flat on a year-over-year basis, the total number of new listings entered into the TorontoMLS system was up by 16 per cent to 8,382.
The average selling price for transactions during the first two weeks of June was $516,834 – up by over eight per cent compared to the average of $477,025 reported for the first two weeks of June 2011.
"The annual rate of price growth remains very high in the GTA. Increased listings will result in more balanced market conditions over the next year, but it will take some time before price growth will moderate to a more sustainable pace. Right now, months of inventory remains very low from a historic perspective and will likely not climb back to the pre-recession norm until 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.
This report suggest that market is going to be a balance market in the summer. With global economic situation has worsen further, the rate increase is far than it looks. Lately the Buyers understand the situation and pulled themselves from rushing and creating competition. On the other hand inventory steadily increasing in the market which is going to avoid the unnecessary competition as buyer has more choice than early spring time.
Best regards,
Ritesh JoshiYour Next Door Realtor
647-281-3424
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