Summer Real Estate Market Is Hot!
With no signs of slowing down, The Greater Toronto Area real estate market continued to experience strong sales momentum and price growth in June. The Toronto Real Estate Board reported 8,860 homes sold across the Greater Toronto Area, up 10.4% compared to June 2018, while the average price across all home types climbed 3.0% to $832,703.
New listings in June were virtually unchanged from last year and were quickly outstripped by strong sales demand, driving active listings down -5.7%. As a result, market conditions tightened, fueling increased buyer competition and price growth in many segments of the market.
“Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 per cent, while new listings were up by less than one per cent,” says Michael Collins, President of the Toronto Real Estate Board, in their latest market release.
In the 416 Region, condominiums, although down -5.6% in sales compared to June 2018, continued to lead the market, representing 47% of all properties sold. Detached, semi-detached and townhomes performed strongly with all recording double-digit sales increases over last year. Detached home sales were up an impressive 13.6%; semi-detached home sales rose 12.5% and townhomes showed the strongest sales performance, up 17.5% versus June 2018.
Price appreciation in the 416 Region was driven by the higher density market segments. Townhomes experienced the strongest price growth, up 9.2% to an average price of $810,039. Semi-detached homes rose 5.4% to an average selling price of $1,055,423 and condominiums were up 5.1% to an average selling price of $636,606. Detached homes ended the month down -1.6% to an average selling price of $1,332,639.
In the 905 Regions, all market segments recorded higher sales in June. Detached homes led the market, both in terms of the number of properties sold and gains in home sales over last year, surging 20.3% in sales, representing 58% of all homes sold throughout the regions. Townhomes experienced double-digit increases in sales, up 10.4%. Semi-detached homes rose 7.6% and condominiums closed the month up 2.7%.
Price appreciation in the 905 Regions followed a similar trend to the 416 Region, with higher density market segments leading the way. Condominiums rose 7.7% to an average selling price of $483,893. Semi-detached homes were up 4.3% to an average selling price of $694,282. Townhomes rose 1.6% to an average selling price of $618,958 and detached home prices were virtually unchanged, down -.0.7% to an average selling price of $922,367.
Home sales momentum remains strong. Housing product available for sale remains tight. Buyer demand is unrelenting and competition between buyers for available listings continues to build. Well-presented homes, priced right, in high demand neighbourhoods are very much in demand and selling quickly. If you’re looking to generate top dollar for your home, don’t delay. Market conditions are currently 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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