Sales were 19% above average for June with 10,180 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite share of the market increased slightly to just under 30% with 3,040 units being sold.
The June average sale price for all GTA homes came in at almost $569,000– up 7.1% from 2013.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be. We had a 7.2% decline in inventory for the month of June compared to historical numbers and lower by 6.8% from last year at this time.
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 June that ratio finished at 49.2% – up 10% from last year’s market dip. By the numbers, the overall market is in ‘busy’ seller market territory!
The days-on-market average for the entire Toronto Real Estate Board was 23 – 2 days slower than May. Although the listing numbers are still down compared to historical numbers, inventories are improving giving more choice to serious buyers and requiring sellers to be reasonable and not overzealous in their pricing strategy!
Watch the video to get the complete June Market Report details.
Here’s the complete text version of the June Toronto Real Estate Market Report to read.