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GTA Market Pulse Week of Oct 24 to 31, 2010

28. December 2009 05:46

GTA REAL ESTATE MARKET PULSE

Week of October 24 to 31, 2010

I am constantly asked “how is the Real Estate market”, so for the week of October 24 to 31, 2010 my answer would be “the market is taking a break”. Let me explain.

The number of New Listings coming to market during this week was lower in three areas of the GTA comparing numbers to last week’s. The only area that the number of new listings was the same as in the previous week was in the East with 195 new properties. Inventory of ‘for sale’ homes decreased substantially in the West and in Central areas with a reduction of 26 % and 17 % with 139 and 162 new listings, respectively. In Mississauga the number of new listing was lower by 6.8 % with 151 properties being offered for sale.

The sales activity during this week was also a disappointment. The Central area of the Toronto was the only area to have a modest increase in sales compared to the previous week with a 3.6 % increase in the number of Sold Units. The number of homes sold in Central was 115. Mississauga had a 11.4 % reduction in the number of sold units with 109 homes sold. In the East and West the drop in the number of sold units was ofm 19 % and 20 %, with 98 and 118 properties changing owners, respectively. Doing the math, the number of sold units in the GTA was of 440 compared to 502 homes sold during the previous week.

Despite the above ‘not so good’ data, the Median Sold Prices for the Greater Toronto Area remains quite stable, fluctuating within the observed ranges for the different areas of the city. The median sold price for the Central and East areas for this week are 750 thousand dollars and 400 thousand dollars respectively. The median sold price  in the west area drop by 5 % to 457 thousand dollars and in Mississauga the drop of the median sold price was of 2 % to 451 thousand dollars. In conclusion, for the last week of October, 2010, the real estate market in the GTA took a break but the value and solidness of the investment remains firm. The characteristics of the Real Estate Market in Toronto continue in its path of strength and stability, where the most expensive area to purchase a house is Central and the most reasonable area is the East. Mississauga and the West are a little more expensive than the East but quite more affordable than Central.

To conclude this week’s discussion I would like to remind the readers that the interest rates continue to be very favorable to our market and that for buyers that feel that the opportunities to purchase their own homes are beyond their reach I suggest a FREE consultation with me. A well researched and thoughtful study of your needs and capabilities will produce unbelievable results! Feel free to call me for questions or assistance, commitment free, ‘as always’. I will help you achieve your “dream home” goal.

 Study based on the information supplied by TREB and arranged by Marcos Plopper, Salesperson, Sutton Group – Admiral Realty Inc., Brokerage. For a FREE, no-commitment consultation or for a FREE market study of your specific location of the GTA or for a FREE home evaluation, Marcos can be reached by phone at 416-739-7200, Direct line at 647-831-4843 or email: mplopper@trebnet.com.

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Sutton Group - Admiral Realty Inc., Brokerage, Independently Owned & Operated