(Note: Numbers in parentheses represent June stats)
July saw 5,108 (6,386) new listings hit the Toronto market with an average sold price of $1,016,580 ($1,079,749). The overall average Days On Market is 16 (14) days. Even fewer properties were brought to market and sold for less a bit longer compared to June.
We observed two general trends in last month’s numbers. First, the monthly trend from June to July is downwards with the exception of semi-detached homes’ YOY. Second, the yearly trend show a slight decline but is still generally positive for Toronto. Let’s take a look at the specifics.
- Townhouse average sold price decreased to $1,172,796 ($1,246,086) and YOY is 8.5% (13.8%).
- Condominiums sold for lower on the average at $715,977 ($717,466) and YOY is 4.8% (6.7).
- Detached homes’ average sold price also decreased to $1,633,649 ($1,699,881) and 6% YOY (11.5%).
- The average sold price for semis went down to $1,205,814 ($1,267,044) but bucked the monthly downward trend by posting a 2.1% YOY compared to -1.6% in June.
Industry veterans know to expect this cool down. It’s not discouraging that July’s numbers were even lower than June’s and take note that these are still above average numbers relative to the season. In fact, Toronto sales accounted for a bigger piece of the new listings this July. On the ground, the demand for housing is still present though the number of available housing declined. This makes for a very competitive market. Now the market seems to be shifting and will probably point the arrows upward come stats time next month.
Avoid getting caught in the fall frenzy that is bound to happen after this double summer. Get the best professional help whether you are looking to buy or sell. If you are thinking about it, have any questions, or need assistance, drop us a line and as always, we are happy to discuss.