This Month at North Group | July 2020
Longer days, warmer weather and beautiful sunshine ☀️mean that summer is officially here!
In the real estate world, it feels a lot like a spring. The market has made quite a comeback since COVID-19 began. Sales are up a staggering ⬆️ 89% compared to the month before. The June stats are telling a very positive story as well! Let’s take a look.Black squares ◾️swept across social media platforms last week and anti-racism protests continue. At North Group, we firmly believe in this movement and believe we are all accountable to doing our part to invoke real change. How can we all help? 🗨️
Home prices continue to increase year over year. 📈The average selling price for all home types combined was $930,869 – up by 11.9 percent compared to June 2019. The strongest price growth we saw was for detached homes (+14.3%) and semi-detached homes (+22%) in Toronto. There are strong indicators to show a resurgence in the higher-end market segments as well.
Rounding this out, the average amount of time a listing 🚀 is staying on the market is decreasing, pointing to a recent market uptick. The average number of days on market is down 13.3% from last year at 26 days.
Continuing our update from May, we are still in a balanced market with sales to new listing ratio at 56%. According to the stats, there is a relatively equal opportunity for both Sellers and Buyers in terms of inventory. However, for Realtors in the field, we are experiencing numerous multiple offers on prime properties for sale right now. 💫This means that it’s definitely more of a Seller’s market in certain home types and locations across the GTA.
Wondering what this means for you and your real estate plans? Schedule a call to chat!
We have a wide-array of listings that have hit the market. Click here to see more: https://search.northgroup.com/listing.
What are buyers willing to pay for my home?
In today's changing real estate market, home valuations often come in too high - or too low. We want you to know exactly what Buyers are willing to pay for yours. There are so many online services that promise to give you a valuation within seconds but often they aren’t accurate. Several factors help us in determining what Buyers are willing to pay for your property. Just answer a few quick questions and we will get back to you with that price!
Click here to find out.