Market Update: June 2020

Market Update – June 2020

Well, the real estate market is back here in the GTA! By looking at the numbers, it would be hard to tell that we are still in the midst of a pandemic. Let’s jump to the numbers!

June sales in the GTA were up 89% compared to last month, but were down slightly compared to June 2019.

• This June we had 8,701 sales compared to 8,826 sales from June 2019. The 125 less sales represents a 1.4% decrease. Considering we are not back to normal here in the GTA, this is a positive result for the housing market.
• The detached and townhome segments had increases in sales volume compared to June 2019.
• Detached segment continued to have the largest sales volume with 4,445 sales. This represented an increase of 5.6% compared to June 2019. Townhomes had a 6.5% increase in volume.
• Condos had the second largest amount of sales volume this June, but had 16.3% decrease compared to June 2019.

Sales volume is up. But, what about average price? Let’s be honest, that’s what homeowners, buyers, and sellers are really interested in!

• Average sales price for June was $930,869. That is a 11.9% increase from last year! So, if you were worried about where the real estate market was heading, this should give you some peace of mind.

However, if that doesn’t give you comfort, because that’s an average price over all segments, maybe these stats will help:

• All major home types had increases in average prices! Condos had the lowest increase at 7% and the semi-detached market, with close to $930K average price had the largest increase with 11.9%.

The reason why we are having such activity is that there are still a lot of buyers in the market, but there’s limited inventory. Whether it’s because sellers are still worried about having buyers come into their home or that sellers are still waiting to see how the market is reacting, they are waiting to put their homes on the market. This has led to us having 28.8% less active listings this June when compared to June of last year.

Let’s be honest, we need listings in the GTA, so if you are thinking of selling, now may be your best opportunity to sell!

If you are wondering what is happening in your area and would like a quick overview, you can book a 15 minute Zoom call with me and I will walk you through what is selling in your area and what is for sale to give you an idea of the value of your home. Ask me for details on how to book a call.