Surprising demand as July sales and average sale price hit record highs

By: Thomas Cook

Surprising demand as July sales and average sale price hit record highs

Big numbers came in for July as the traditionally slower summer month showed record sales of 11,081 sales of houses and condos across the GTA.  Our real estate market seems to have thrown off the ‘Covid blues’ and bounced back bigger than ever.
Condo townhouse and high-rise suite sales were up by 8.7% with a 28.8% share of the market and 3,194 units being sold.  Although not a record, July 2020 sales were only exceeded by those in 2016 (by just 250 suites).
The July average sale price for all GTA homes came in at $943,710… a big 16.9% increase compared to one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of July compared to historical numbers was lower by 16% compared to last year at this time.
It’s clear that the coronavirus hit to our market has almost disappeared on the sales side while inventory levels are lagging.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
Seems we’re experiencing a spring market in the summer… the July ratio made a big jump into very busy seller market territory with a 73.8% ratio.
The days-on-market average for GTA / Toronto homes was 11 days, 1 day faster than June.

Here’s a snapshot summary of the significant real estate milestones for Toronto in July 2020 as we finish the 5th month of the coronavirus pandemic.

Watch the video to get the complete July 2020 Market Report details.

Here's the complete text version of the July 2020 Toronto Real Estate Market Report to read.

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