September usually marks the transition from slower summer market to the busier fall market. After labour day, there is usually an uptick in both sale and average sale price. Good news is that and this year was no different. Sales increased month over month and we had the third highest sales for a September year on record.
Let’s get in to the numbers:
Single family home results:
Average price of a detached home was just over $1.5M = 28.9% increase
Average price of a semi detached home was $1.11 = 20.8% increase
Town homes average price was just under $909k = 21.5% increase
The condo segment results:
Overall, average sales price increased by 11.6%. Average price for August was just under $708K.
Overall the theme that I have been stating the last few months is same this month…we have low inventory…buyers have less choice, and when they find something suitable, most of the time the are competing with other buyers which is driving prices up.
Overall the story for this month remains the same as I’ve been stating for the past months. We have low inventory, therefor buyers have less of a choice, and when they find something suitable majority of the time they are competing with other buyers which is driving the prices up.