G.T.A. Summer Home Sales Continue To Sizzle, Climbing 24.3% In July!
As we move through the peak summer selling season, the G.T.A. real estate market continues to sizzle! The Toronto Real Estate Board reported 8,595 homes sold through the TREB MLS System in July, up 24.3% compared to last year, with strong double-digit sales growth across all market segments.
New listings in July were up 3.7% compared to last year, but following the trend we have experienced month after month, they were quickly outstripped by robust sales demand. As a result, market conditions clearly tightened, driving active listings down -9.1%.
“As market conditions continued to tighten in July, the average selling price increased by 3.2 per cent on a year-over-year basis to $806,755. Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation”, says Toronto Real Estate Board President, Michael Collins, in their latest market release.
Home sales growth in the 416 Region, was driven by the detached and semi-detached market segments. Detached home sales surged 29.4% while semi-detached home sales skyrocketed 42.3% compared to last year. Townhomes and condominiums also performed very strongly, rising 19.7% and 14.8% respectively.
Price appreciation in the 416 Region continued to be driven by the higher density market segments. Condominiums experienced the strongest price growth, up 7.7% to an average price of $627,927. Townhomes rose 5.5% to an average selling price of $755,401 and semi-detached homes were up 5.0% to an average selling price of $981,802. Detached homes ended the month down -9.1% to an average selling price of $1,227,301.
In the 905 Regions, all market segments recorded higher home sales in July. Detached homes sales surged 29.7%. Semi-detached homes skyrocketed 41.8%. Townhomes rose a blistering 22.1% and condominiums ended the month up 13.0% over last year.
Price appreciation in the 905 Regions, contrary to the 416 Region, was evident across all market segments. Detached homed rose 2.5% to an average price of $929,633. Semi-detached homes rose 5.5% to an average price of $694,740. Townhomes were up 3.9% to an average selling price of $631,539 and condominiums rose 3.2% to an average selling price of $476,445.
Home sales remain strong and continue to push higher. New listings are outstripped by robust sales demand on a monthly basis. Housing supply remains low and market conditions remain tighten. Pent up buyer demand and competition between buyers for available listings continues to build, driving home prices higher. If you’re looking to generate top dollar for your home in today’s market, don’t delay. Market conditions are very much in your favour!
Success in today’s real estate market is all about timing, pricing, strategy and preparation. If buying, selling or investing in a home is in your plans, reach out to us directly any time at 416-606-2158 or send a text/email to david@dodicteam.com. We’ll guide you through the entire process and act as your advisor, consultant and negotiator every step of the way. Give us a call today! We look forward to working with you!
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