Market Watch | Buyers Take Advantage of Opportunities in June
Posted By: Rachel Kavanagh
July 4, 2019
Market Watch | Buyers Take Advantage of Opportunities in June – Summer is here and as the weather warmed up, so did buyers. GTA Realtors reported 8,860 sales in June, an increase of 10.4% year-over-year and a decrease of 11.3% month-over-month. Important to remember that May had the highest number of transactions to date at 9,989. York Region continues to perform well each month.
Here are York Region’s top 5 communities in June for sales.
1. Markham 342
2. Vaughan 337
3. Richmond Hill 244
4. Newmarket 130
5. Aurora 101
The average sale price for all home types in the GTA continues to increase year-over-year. During the month of June, the average sale price for all home types increased by 3.0% to $832,703. Month-over-month the average price was virtually flat with June lower by 0.69%. In Markham, the average sale price for a detached home dropped by 2% to $1,197,665 and in Stouffville, the average sale priced for a detached home dropped by 1% to $994,132.
The detached home market continued to drive sales in the 905-area code. A total of 3,230 transactions were completed in June with the average sale price being $922,367. Overall there was a 20.3% increase year-over-year and a 0.7% decrease to the average price. Buyers are identifying that within the detached home market there is an opportunity to purchase a great home at a great price.
The 416-area code continued to see the majority of its transactions come from the condo market. This continued interest has increased the average sale price by 5.1% year-over-year. Jason Mercer TREB’s Chief Market Analyst indicated, “… market conditions tightened, and price growth picked up, especially for higher density home types, which, on average, are less expensive than traditional detached houses and therefore provide more affordable housing options…”.
New listings in June were lower year-over-year by 0.4%. New President of the Toronto Real Estate Board, Michael Collins added, “sales accounted for a greater share of listings compared to last year, which means that competition between buyers increased, resulting in renewed price growth in many segments of the market.”
However, it is important to understand that each market operates differently. An experienced real estate agent in Markham, Stouffville or any of community will be able to assist in determining how the market is performing where you live.
The luxury market over $3 million operates at a level far different from the rest of the market. Since the beginning of the year, five luxury homes have sold in Markham with an average sale price of $3,473,678 while 59 properties remain on the market. In Stouffville, there has been no sale over $3 million while fifteen properties remain on the market.
What Does This All Mean?
We are halfway through the year, and the market is in a healthier position than it was during the same time last year. Buyers started moving off the sidelines and into the market, resulting in increased sales and price growth.
As we move forward throughout the summer it is normal to see less activity, but as the fall market approaches, sellers will once again be working to make their home available for sale. Buyers will be there waiting to take advantage of every opportunity to own a great home.
There are still some key political factors that could have an impact on the market moving forward. On July 10 the Bank of Canada will have an interest rate announcement and it will be important to see which direction they choose. In the fall there will be a federal election and housing supply and affordability will be important topics of discussion. Finally, we will wait and see if there will be any relief coming on the OSFI mortgage stress test.
* Market Watch | Buyers Take Advantage of Opportunities in June written by Benczik Team Realty
For more information on your home, visit our website and get a free home evaluation to ensure you get the best seller’s service! With experience around Markham, Stouffville, Unionville, and all of York Region, Benczik Team Realty works to serve you in the best way possible! Act now, and don’t miss out on this ever-growing market.