Awwww, My Monthly Market Moment stats for August 2016 got you down?
Dog days of August 2016 Summer housing market not what you had hoped for?
I get it! and you should too! Here’s why!
- Sales in August 2016 in GTA were up 24% (but we did have 2 extra biz days in August this year! making it a 13% increase “apples to apples”).
- Ave sales prices ROSE almost 18% (to $710K)
- New listings were flat to last year BUT……wait for it…..
- Total listings were DOWN BY 38% VS l/y!!!!! That’s “huuuuuuge”.
- Days on market came in on average at 22% faster…being gobbled up by those hungry buyers.
- As the city has “naught” for sale, August’s sales took place in the 905 area at a ratio of 4:1 to 416!!
- Months of inventory are approaching ONE MONTH (1.4) in the GTA and in some districts, are lower than that. BELOW ONE MONTH are areas like The Junction, Riverdale and The Beach!
- RECORD BREAKING NEVER BEFORE HAPPENED ITEM: For the 2nd month in a row, the average sale price in the GTA IS HIGHER than the average sale price in the city….so those prices in the burbs are moving up up and away too!
- CONDO SALES IN THE CITY WERE UP 34%!! I’ll just let that sink in a bit….and then I’ll add that average sale prices for condos up 10%! Double digits to a whopping $418K in the city.
It’s important to note that nationally, August 2016 Household debt grew by 4.3%, including cost of mortgages, BUT Household net WORTH also rose by the same amount to land on the plus side of $85K. In Ontario Household wealth grew by 7% to $793K on average.
You need to know exactly where YOU stand between your household debt and your house hold net worth. The “wealth affect” is growing in Toronto, and you may be “richer than you think”!
Connect with me as soon as you can. I know I can help you make sense of the numbers with only your best interests at heart. That popular song goes…”should I go or should I stay!” is everyone’s mind…but in this case it’s about Real Estate…”*should I sell or should I stay? *should I rent or should I buy?”
Sound familiar? I know I can help with this big decision and my recent satisfied clients know too.