August 2018 stats are in! Guess what? Sales Wayyyyy up compared to last August. That said, sales last August were the lowest in many many years!
So there’s good news and bad news….depending on whether you’re buying or selling; and if you’re doing both, well, good for you! It’s a wash at least. This is why we encourage clients to buy AND sell in the same market. Yes, you are paying so much more than you’d like for your next property BUT the home you’re selling is attracting A LOT MORE than you paid, back in the day. You can’t have it both ways….unless you are DOWNSIZING/SMARTSIZING.
So here’s the executive summary of the numbers:
*August 2018 Sales UP by almost 9%.
*August 2018 Average sale prices are up almost 5% to ($765.3K) Remember back in March/April of 2107 the ASP was over $900K? Well, we “corrected” that! So affordability is enhanced, but the supply problem has NOT been addressed and so prices will just start to climb up there again. Sales this month OUTPACED supply …..again.
*New Listings UP by 6% and TOTAL listings rose by 9% compared to August 2017.
*August 2018 sales took, on average, 27 days on market vs 25 last year. (this would be because the bulk of sales were condos, where there is usually a 5 to 10 day Status Condition to satisfy, and that slows things down a bit.)
*Condo sales in the city were actually down by 6% compared to last August (supply issue) while, prices SOARED by 8%.
*NOTE: prices of DETACHED homes in the GTA rose by a WHOPPING 18% compared last August, whereas price increases for condos and semis were in the low to mid single digits.
We still have a TALE OF TWO CITIES when you know that the ASP for a detached home in the city (416) rose by 5% compared to last August, while in 905 they went up a mere .3%
Fall will be a tight market we think when more consumers’ thoughts turn to home ownership in a market where supply is NOT behaving….unless you are in areas like York (where communities like King and Richmond Hill have amply product to purchase). Here, in the city? Not so much. We are going into September with a mere 2.5months of supply. Tis pity. Tis true.
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.