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The Miller Report - July 2009
I Hope You Are Well!
Summer Is Here & The Market Is HOT!
If you are thinking of buying, interest rates are at historical lows which will help keep your payments affordable.
Many of our listings are receiving multiple offers as there are fewer homes coming to the market. This creates more demand for existing inventory and makes it a great time for sellers as well.
It is a very interesting time for Real Estate in the GTA!
Here is your Real Estate Report to the end of June, 2009...
Smokin' Hot Market!
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." From TREB's Marketwatch June 2, 2009
*Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.
For more accurate information specific to your personal needs, click on the links to the left or contact The Jay Miller Team today!
Helping you make informed decisions!
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