Market Update: July 2020

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.

  • Overall sales were 11,081 which was a 29.5% increase from last year. And if you compare to June 2020, sales were up 49.5%.
  • Average sales price was $943,710 which was a 16.9% increase from last year.

With just over 5,600 sales, over half of the sales in July were the detached market.

  • The detached market had a 43.7% increase in sales volume compared to last July
  • The average price was $1,154356 which as a 16% annual increase.

The semi detached, town homes, and condo segments all had increases in average sales volume and price.

  • Semi’s had an average price of $915,000, up 16.1% and volume was up 25.4%.
  • Town homes averaged $734,000 which was an 11.1% increase and had 31.3% more sales this year.
  • Condos average price was $635,778, up 8.8%, and had a 6.7% increase in volume.

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.