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Alright, let's get back to our monthly recap. The real estate market has not slowed down, October was another killer month.
- The total number of sales is still climbing. With new records for the month of October, sales are up 25% ⤴️ from the same time last year.
- Overall, sale prices have increased with the average home selling for $968,318. That's a ⬆️13.7% increase year over year (based on the average price, that equals an approximate $125K increase). Keep in mind, this includes all property types.
- Homes are selling 27.3% faster this year than October last year. Once a home is listed on the MLS system, it takes approximately 17 days to sell. (not including the time it takes to close which is typically anywhere between 30-90 days later). Condos are taking more time to sell. On average it takes 22 days.
- On the flip side of the housing market, condos continue to decline. Sale prices have seen a 2% decline in just the last 30 days alone.
There has been a clear divide between the condo and freehold market. With detached homes making up almost 50% of the market sales this month, home sales have continued to break records year over year. A combination of circumstances has contributed to what we are seeing today; whether it's pent-up demand from the downturn of the spring market, the record low interest rates or the economy slowly recovering in some sectors. The demand for freehold homes has created a shortage of inventory which has been reflected with sale prices in double-digit growth. In contrast, the condo market has continued to see a ⬇️downshift . With more than double the number of new listings hitting the market than the same time last year, buyers are benefitting from more options, which has plummeted prices down 2% just since last month.
If you are looking to make a move this year, then understanding how these stats and the segmented markets impact you is crucial. Let’s discuss your options.
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Love seeing inside homes as much as we do? Check out this month’s featured listings...one feels like having your own enchanted forest and the other a killer Leslieville condo that will steal your heart.
See for yourself. 😍
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