(Note: Numbers in parentheses represent May stats)
Last month we saw 6,386 (7,051) new listings hit the market with an average sold price of $1,079,749 ($1,116,736). That’s still a 5.6% (19%) year-over-year change. The overall average Days On Market is 14 (12) days. Simply put, fewer properties are being brought to market and are selling for a bit less at a little longer compared to May.
June numbers exhibit two trends. First, townhomes & condos show an inverse trend with decreased YOY growth and increased average sold price compared to May. Second, a downward trend is observed in detached and semi-detached homes across the board.
Townhouse average sold price saw an increase to $1,246,086 ($1,226,639) but YOY dropped to 13.8% (17.8%).
Condominiums sold for a bit higher on the average at $717,466 ($716,976) but YOY is lower at 6.70% (11.5%).
Detached homes show a decrease in both the average price and YOY at $1,699,881 ($1,716,272) and 11.5% (from 23.9% in May) respectively.
The most drastic drop happened to semis with the average sold price down to $1,267,044 ($1,326,153). The staggering 26.2% YOY in May took a nosedive to -1.6% for June.
This general cooling down happened just as expected. Summer has arrived and most people are preoccupied with seasonal activities rather than selling or buying a home. Savvy buyers should be taking advantage of the lull and invest a bit of time in looking for their perfect home to avoid the September swarm.
Now is that time of year when you need the best of professional help, whether you are looking to sell or buy. If you are thinking about it, have any questions, or need assistance, drop us a line and as always, we are happy to discuss.
