June 2021 sales were up compared to June 2020 but lower than the March 2021 peak. Total sales for June 2021 were 11,106. 845 sales lower than the 11,951 sales reported May 2021.
The average selling price for all home types combined was up by 17% over the same time period last year to $1,089,536. We had a sharp increase to the average sale price to start the year but that number has since stabilized.
While the price growth for the first half of the year continued to be driven by the low-rise freehold (detached, Semi, townhomes) segments of the market, it is important to note that the average condominium apartment price was up by more than 8% compared to June 2020.
Actual Sales units have dipped as well over the same time period. We peaked in March with 15,634 sold homes, this represents a record and all time high since TRREB has been keeping records since 1996. We are now hovering around 11,000 sales the last couple months.
To summarize, the market volatility has slowed and we are seeing slightly less demand but still enough to keep sales high, inventory low and prices stable.
At this point I cannot see prices falling with the available inventory at historic lows and rates so low. This could change going into the spring of 2022 but thats anyone guess, only way this happens is listings flood the market and demand slows, inventory rises and buyers take their time to buy, when homes sit on the market sellers reduce their selling price.
In the meantime we will continue with a fairly steady market to end the summer and with new buyers starting in the Fall market (September – November) we should stay steady to end the year.
As always if you have any questions or comments feel free to reach out.