Thursday, August 12, 2010
August 2010 Market Watch
Well, here is is, the middle of August and I'm just getting this little note out to everyone. To all whom I send out personal notes, sorry. There really isn't anything new to tell you. "Doom and Gloom" still headline the news. According to the powers that be, the Real Estate Market has stalled.
Has anyone taken a look at what happens to the market in the months of July and August? Take a look at this year and what we were faced with -- G20, Bank of Canada raised interest rates (only quarter point, but still....), HST (yes, it's here to stay), summer market, extreme heat, holidays taken by most --- just to name a few. When you add it all up, brakes get put on.
We all expected to be overrun by new listings. Well, that didn't happen. Even, me, I keep looking for property owners to list homes. Knocking on doors, making telephone calls (probably irritating some of you) hasn't made a lick of business. Buyers are very slow in purchasing what is out there.
My farming areas of Lorne Park in Mississauga and Oakville, have been doing well. Lorne Park has been noticed in the Toronto Star as being one of the neighbourhoods where prices of properies has increased. Lakefront properties are available.
I have included a small section of the August Market Watch so that you can take a glance at what is happening. For a complete report, please visit bettybart.com.
"Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level 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."
To all who are still on holidays, enjoy. The weather certainly is co-operating this year. Get out and play a round of golf, if you are so inclined. Want to join me, let me know.
The EX is around the corner, Parks and Recreation have their registration for fall programmes on line, school buses are all over the place while they train the new drivers to transport our kids back to school, the Staples commercial is back (It's the Most Wonderful Time of The Year), and the stores are getting busy for those shoppers looking to equip themselves for the coming months.
Do you want to talk about Real Estate? Do you have any opinions that you would like to share with me? Want a Market Evaluation on your home? Want to change neighbourhoods?
Give me a call directly at 416 427 1875. Or just email me at email@example.com.
Have a wonderful August and I will be in touch again in September.
Betty Bartusevicius, Sales Representative
Re/Max Realty Specialists Inc., Brokerage
Fine Homes In Nine Oh Five
Web Site: http://www.bettybart.com
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