Sep 4, 2020
Monthly sales figures for the month of August 2020 are released by TRREB (Toronto Region Real Estate Board).
The month of August has shown another steep upward trend both in home sales and prices.
August Sales went up a whopping 40.3% compared with the same month a year ago in August 2019. It went further up by 10.5% from last month, July 2020, which had already seen a surge in home sales by 29.5% compared to the month of June 2020.
The month’s year over year Average Sales Price beat the previous month’s, that was 17%, to over 20% increase.
It seems that both Buyers and Sellers are having more confidence as compared to the early days of the COVID-19 pandemic in March 2020 as there are almost 57% more new listings added to the inventory list, compared to the same month last year.
With this confidence, both Buyers and Sellers are rushing in the market making the gap left due to COVID-19 early days.
Multiple offers and over asking have almost become the norm in many areas in the GTA and around.
A quote from a previous blog that stands true to the moment “Contrary to the general impression that due to COVID-19 the home sales would be down and eventually the prices would see some pruning during this period, what we are seeing is multiple offers and properties selling over asking prices, and the trend is continuing upward without looking back.”
Please see the attachment to see the infographic from TRREB.
Take care of yourselves and follow the safety precautions defined by healthcare professionals.
Please pray for the safety of all and the cure for COVID-19 to be found at the earliest.
#BeSafeAndHelpOthersBeSafe
