National Home resales up 4.8% in November

Posted: December 15, 2010 in General Information, Sellers
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The average resale price of a Cambridge home was $295,219 in November, compare to $282,309 in October, as per the Cambridge Real Estate Board.

Home resale statistics from November suggest the national market “appears to be returning to some semblance of normalcy,” Gregory Klump, chief economist of the Canadian Real Estate Association, said Wednesday.

The national average price for homes sold in November was $344,268, up two per cent from November 2009.

The seasonally adjusted volume of home resales was up 4.8 per cent in November from October, the association said in a news release. That’s the fourth consecutive monthly increase.

“Seasonally adjusted sales now stand 19.5 per cent above levels recorded in July 2010, when it reached this year’s low point,” the association said.

The number of homes sold is still down from November 2009, but the large year-over-year decline from last year’s record level “has been masking the steady improvement in national sales activity since July 2010,” the association said.

November sales this year are close to the average level in the month over the five years 2006 to 2010, which “suggests that activity is currently running at more normal levels.”

Eight of the country’s 10 most active markets reported sales increases, ranging from 11.3 per cent in Greater Vancouver to 2.6 per cent in Calgary. Gains were also reported in Edmonton, the Fraser Valley, London and St. Thomas, Ont., Montreal, Ottawa and Toronto.

Average prices rose in nearly two-thirds of local markets, the association said.

Although the number of new residential listings on the MLS system slid 0.7 per cent in November, Klump suggested the market will continue to strengthen.

“With sales activity having returned to better health and a firm floor under prices, sellers who previously shied away from putting their home on the market are expected to list their home in response to improved housing demand in recent months.”

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