June 2018 stats are in and GUESS WHAT?
As predicted sales in June 2018 ROSE for the first time SINCE MARCH 2017!! Not by a lot…but they rose and that would be due to the condo sector, though supply is depleting rapidly as sales outpace listings.
Here’s the executive summary for June 2018:
*Sales UP by 2.4% (and up 18% over last month!) and historically, MAY sales are usually HIGHER.
*Average Sales prices are UP 2% to $805K
*New listings are DOWN by 19%
*Total listings UP by 6%
*Average days on market? WHOA! UP by a WHOPPING 40%…it now takes on average, 21 days to sell a property vs 15 days last year. But that makes sense to me, because if the large % of sales are condos…then that pesky Status Condition in most condo sales, would extend the days on market.
In the city, where most condo sales take place….Condo sales represented 52% of total sales!…so yes, days on market will increase as a result.
*In the city:
Average price for a detached home sits at $1,354,000 (-$2.4% yoy)
Average price for a semi is now $1ML..flat from l/y
Average price for a condo will not set you back $605K…10% more than last year for that same condo you thought was too expensive to buy, so you thought you would wait till prices came tumbling down this year? NOT!
“It was the best of times. It was the worst of times.”
Yes. We are still experiencing “A Tale of Tw0 Markets”. When we siphon out the stats from 416 vs. 905 this is what we see in the sales data:
- 25% of sales of DETACHED HOMES took place in the city…75% in 905
- 35% of sales of SEMI-DETACHEDS took place in Toronto vs 65% in 905
- 30% of TOWN HOUSES resulted in the city vs 70% in 905
- 71% of CONDO sales were in the city vs only 29% in 905
Other indicators like days on market and months of inventory are also starkly different, for example,
C04 (parts of Lawrence Park, Bedford Park & north Forest Hill) where I finally found a home for clients (after losing out in multiple offer hell)…has only 2.4 months of inventory, on average houses sell in 12 days and at 100% of the asking price….
RICHMOND HILL which has 5.2 months of inventory and only sell at about 96% of the asking price and take 29 days to sell.
The summer months may or may not be seasonally quiet…it depends on how many “unrequited” buyers are out there. But you can be sure I will let you know 🙂
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.