60 Second Market Watch – July 2009 – Mid-Month Report: TREB reports 27% increase in sales from previous Year

A couple of weeks ago, I wrote that the Toronto Real Estate Board reported the BEST JUNE ON RECORD in terms of sales. The Toronto Real Estate Board has just released a Press Release with the numbers for the first 2 weeks of July – and we GTA REALTORS(R) are on course for reporting the BEST JULY ON RECORD, too.

TREB reported 4,437 sales in the first two weeks of July, up 27% compared to the first two weeks of July 2008. Further, the average price was up $394,750 – a 4% increase from the previous year.

Home buyers are continuing to take advantage of the relatively low cost of borrowing, and are entering the housing market in a big way, despite slowdown in other areas of the economy.

How does this affect you? The numbers indicate that we are back into a strong sellers market, a stark contrast to just 90-120 days ago, when we were in a strong buyers market. If you have though about selling, now is a great time as there are qualified buyers waiting for your home to come on the market. If you are a buyer, you may need to be patient and make quick decisions when you find that perfect home.

I can’t wait to see the final July 2009 numbers – be sure to check back in two weeks to find out how it all plays out!

Roy Bhandari
Sales Representative with Signature Service GMAC Real Estate
www.amitandroy.com

About the Author

Roy Bhandari

Roy is the younger of the brothers and has a sound knowledge of the marketplace. He excels in marketing, design, and advertising having graduated with an Honour's Degree in Marketing Management. Marketing is an important aspect of any business, but effective marketing drives consumers and sets you apart from everything else. It is imperative that you have someone that understands the theories and techniques so you can take advantage of the competitive edge.