TORONTO, December 16, 2010 -- Toronto Real Estate Board reported 2,509 sales during the first two weeks of December, a 19 per cent decrease compared to the 3,079 sales in the first half of December 2009.  Year-to-date sales were down to 84,316 – off 1% from the 2009 total of 84,888.

The average transaction price for December mid-month s was $435,225 – up 3%  from the average of $423,103  in December 2009.

Market conditions show a continued return normality. Listings which are overpriced attract little attention but properties realistically priced in popular locations are still attracting multiple offers but not at the frenetic rate of earlier in the year. Inventory is tight, to be expected at this time of the year. Provided that  employment continues to recover and interest rates do not climb a lot,  prospects for 2011 continue to look good, with some experts predicting a 3 – 5% price appreciation  over the course of the year.

Summary Of December Sales And Average Price

December

                                                            2010                                                              2009

                                                  Sales               Average Price                    Sales                         Average Price

City of Toronto ("416")       1,083                   $470,918                       1,343                            $460,828

Rest of GTA ("905")             1,426                  $408,118                        1,736                            $393,918

GTA                                        2,509                   $435,225                        3,079                            $423,103

Source: Toronto Real Estate Board