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.
- July sales were 29% higher than last year (11,081) – a record for July on TRREB
- The ratio of sales-to-listings increased again to 73.8% in July – a nice bump into ‘even busier’ seller market territory
- The July average sale price came in at $943,710– 16.9% above July 2019 and the highest EVER average sale price for the GTA
- The GTA real estate market overall averaged 17 days-on-market
- Detached home sales in July 2020 with a purchase price over $2,000,000 were up a big 149% (413 houses) while condo apartment sales over $2M were up by a busy 73% (19 suites) compared to July 2019
- The CONDO share of the market was relatively steady at 28.8% during the month
- Downtown condo active listing numbers were UP by a big 97% in C01 and by 137% in C08 from last year at this time
- July condo sales were flat in C01 and increased in C08 by 18.6% compared to 2019
- The downtown condo days-on-market average was 16 days in C01 and 18 days in C08
- The ratio of sales-to-listings for condos downtown continued to show significant declines in C01 (from 66% in 2019 to 33.4%) and in C08 (from 70% in 2019 to 35%)
- Even when influenced by the lower demand and higher inventories due to the virus effect, condo values still beat the averages seen in July 2019 and appreciation gains over the last 12 months stayed strong
- Sales numbers for homes in many 905 neighbourhoods were up 25-60% year-over-year while average 905 appreciation numbers were in the 9-11% range
- There are multiple points of view as to ‘what will happen to prices’. The answers to each of those questions will hinge in part on what type of home you have (house or condo), what neighbourhood you own in and your personal situation so you’ll need to get your agent’s specific advice based on those criteria.
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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