Although the summer months are typically slower for real estate sales, July turned out to be contrary to the norm. Sales were up across the GTA for every home type.
The only negative was house sales in the 416 which showed a 9% average sales price decline year-over-year
The 905 is slowly recovering from the investor tax shock and both sales numbers and average sales prices are both positive.
As usual, if you’re about to enter the market as a buyer, be sure to get all your ‘ducks’ in a row. Get a solid mortgage pre-approval and do your due diligence when selecting a Realtor to work with.
If you’ve been a long-time reader of my monthly newsletters, you’ll have noticed that I’ve written several books to help buyers, sellers and investors make the best real estate decisions.
One book that’s designed to help buyers is my cover-all-bases Ultimate Toronto Home Buyer’s Guide which covers the entire gamut of Toronto home buying topics and gives you the answers you need to make smart buying decisions.
If you’re a condo seller, my Insider Tips For Getting The Best Price is the book you’ll want to read.
Each of these is free for you to download as a PDF or, if you prefer, you can request a paperback copy.
My comprehensive July Toronto Real Estate Market Report is now ready and here’s the link so you can watch the video or read the report.
Please remember to keep me in mind when any of your friends are talking about buying or selling their condo or house in Toronto.
Have a fantastic August :).
Sellers Are Appreciating The Better Market [VIDEO]
In July sales were up 24.3% compared to last year with 8,595 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suites took a slightly higher 34.2% share of the market with 2,938 units being sold which is up 16.3% from 2018.
The July average sale price for all GTA homes came in at $806,755– up just 3.2% from one year ago. This average is now up 8.2% from the average market high back in July 2017.
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 9.1% compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and is probably keeping us from seeing a slump in prices in some GTA locations.
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.
In July, that ratio finished at 47.9% - about 13% above last year but almost 3% above June of this year – indicating a continuing strong market as we move through the summer months.
The days-on-market average for GTA / Toronto homes was 23 days, 2 days slower than June.
Watch the video to get the complete July 2019 Market Report details.
If you'd prefer to read the full market report details, click here.
For Those Of You Who Like Trivia...
Now and then we post our latest World’s Most Interesting Postcard in our Team newsletter. You might be amazed at what you’ll learn from these interesting tidbits!!
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Keep Your Ears Open For Real Estate Conversations...
People always feel good about recommending a person or a business where they've received terrific service. They want their friends to enjoy the same great experience they had.
Please keep us in mind throughout 2019 whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.
Amazing Free Services Available From This Professional Realtor
As a successful Toronto Realtor helping condo and house buyers and sellers since 1980, I've developed many programs and services to assist people with their real estate needs.
I've even written several soft-cover books and reports to help explain how buyers and sellers can make their best, informed decisions.
There are important benefits and advantages to being well prepared for the upcoming real estate experience.
You definitely want to avoid making significant buying or selling mistakes.
Here's a list of my 'Free Stuff' that's available to you.