Greater Toronto REALTORS reported 6,510 exist­ing home sales in Novem­ber – down 13% from 7,446 sales in Novem­ber 2009. New list­ings were also down 13% 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 of 67,900.

“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 5% 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.

Sum­mary Of Novem­ber Sales And Aver­age Price

City of Toronto (“416″)
2010 Sales: 2,794 | Aver­age Price $476,844
2010 Sales: 3,212 | Aver­age Price $450,079

Rest of GTA (“905″)
2010 Sales: 3,716 | Aver­age Price $408,846
2010 Sales: 4,234 | Aver­age Price $394,474

GTA
2010 Sales: 6,510 | Aver­age Price $438,030
2010 Sales: 7,446 | Aver­age Price $418,460

———————————————————————————————————————
Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
———————————————————————————————————————

Related posts:

1. GTA REALTORS Report August Resale Mar­ket Fig­ures Greater Toronto REALTORS reported 7,542 sales through the Toron­toMLS system…
2. Toronto real estate sales still up on the year Toronto REALTORS® reported 3,076 sales dur­ing the first two weeks…
3. Toronto real estate sales down, prices up The out­look for mort­gage rates and income growth over the…
4. Real estate sales still higher than aver­age While not rep­re­sent­ing a record, Feb­ru­ary 2011 sales were 50%…
5. Jan­u­ary Real Estate Slight Drop Jan­u­ary 2010 was a record set­ting month. It is not…