July home sales surged and records were broken. For the second month running the number of homes sales in July easily surpassed the number of homes sold in July 2019 and July 2018.
1461 homes sold in July 2020 compared to 1286 in 2019 and only 1127 homes sold in 2018.
Home buyers were also snapping up homes quickly. Average days on market in July 2020 was only 53 days compared to 54 days in 2019.
Unfortunately, sales values continue to show disappointing results, (for home sellers that is). For home buyers the Covid 19 crisis has provided a unique one off opportunity to purchase at a discount.
The average price paid in July 2020 was $367,546 compared to $378.740 in 2019, a difference of 3%.
However, since the slump in March caused entirely by the Covid 19 crisis, we have seen values firm up and rise slightly, against a backdrop of price moderation in 2019 and 2018.
For the balance of the year, we anticipate strong pent up demand. Please note, there is currently 862 fewer homes and condos for sale compared to last year, equal to a drop of 13%.
Due to reduced inventory levels and strong demand for what is available, we expect values will stay firm and potentially even increase particularly during the 4th quarter.
About the author:
You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®.
Want more information about our full service FLAT FEE home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014 or visit our home sellers page www.FlatFeeRealtyAdvisors.ca