Above is an infographic about the market statistics for the Greater Toronto Area (GTA) and other communities - comparing July to June, 2021.
Here's a brief synopsis of the infographic:
· Number of Sales: For the most part, except for Waterloo region, all markets are experiencing a decline in the amount of properties sold. This is typical of the summer season.
· Average Sold Price: Freehold Home Sales in Toronto, Durham, and Waterloo are the only regions with increased average sale prices in July (all other areas had average sale prices decline, compared to June).
· Sold Price vs. List Price: There are still properties that are selling with multiple officers/ bidding wars, as all markets in the GTA are selling over 100% of asking price. This is the second consecutive month that Durham, Brantford and Waterloo have shown the greatest difference between list and sold prices; with sold percentages ranging from 110% to 114% over list price.
· Prognosis: It is expected that these downward trends should continue in August, but that September will bring a change in direction, to more brisk activity with higer sales. (Typically, everyone is back from vacation and into back-to-school mode). So if you'd like to purchase, use August to save - and if you'd like to sell, start in September. Talk to me if you have any questions!
Tina A McQuaid, Sales Representative and Accredited GreenAgent(TM)
Sutton Group-Summit Realty Inc., Brokerage