Your July 2019 Toronto Market Update
Here’s the latest update on our market from July 2019. Stay tuned.
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In today’s market update, we’ll compare the market stats for the month of July 2019 to what we saw in the same month in 2018 so that you can see for yourself how trends are progressing. For added perspective, we’ll also include the numbers that we saw this same time in the year 1998.
Number of home sales:
1998: 5,000
2018: 6,916
2019: 8,595
Active listings:
1998: 20,000
2018: 26,000
2019: 17,938
Months of Inventory:
1998: 4.1 months
2018: 3.4 months
2019: 2.1 months
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Clearly, we’re in a strong seller’s market.
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Average home price:
1998: N/A
2018: $782,000
2019: $807,000
Average sale price:
1998: $217,000
2018: $371,000
2019: $807,000
Days on market:
In 2019, our days on market remains pretty low; it takes an average of 23 days to sell a home in this market.
Remember that five to six months is a balanced market; an inventory level above that range is considered a buyer’s market, and levels below that are considered a seller’s market. Clearly, we’re in a strong seller’s market.
I believe that we’re going to see a very active fall market in Central Toronto. August and July tend to be fairly slow months in terms of activity, since many leave town for summer activities. After Labor Day, we expect to see a big increase in sales. If inventory continues to be low into September, we’ll likely see a large uptick in prices and the number of sales.
If you have any questions about the market, don’t hesitate to reach out to us. We’d be happy to help you.
