Market Update – July 2020
We are currently still in a global pandemic, right?? Well, someone forgot to tell the Toronto Regional Real Estate Board! This past July, we just hit a new record for the percentage increases. Let’s jump into the stats for July 2020.
In previous years, we usually see a dip in sales in July since many people are usually away on vacation and the kids are out of school. This year we had pent up demand from the COVID related lull in our Spring market, and now only looks to be coming around. We’re also entering into stage three of re-opening our economic framework which translated to extremely strong sales activity.
With just over 5,600 sales, over half of the sales in July were the detached market.
The semi detached, town homes, and condo segments all had increases in average sales volume and price.
With all the sales activity, our inventory still can’t keep up. There was an increase of 24.7% of new listings in July compared to last year, but the active listings were down 16.3%.
Less inventory will continue to increase the average sales price if pent up demand continues to be strong throughout the summer months.
If you’re thinking of when would be a good time to list your home, now may be your best option!
If you would like to know a quick estimate of what your home is worth, you can book a quick 15 minute, no-obligation Zoom meeting with me.