Oct 5, 2020
Monthly sales figures for the month of October 2020 are released by TRREB (Toronto Region Real Estate Board).
The month of October has shown a consistent double-digit upward trend both in home sales and prices.
October Sales went up more than 25% compared with the same month a year ago in October 2019. The overall sales were slightly down (-4%) compared to last month.
Continuing an upward trend, the Average Sales Prices were higher from last month for the fourth month in a row, a slight increase of .3%, seeing a massive almost 14% increase from last year.
So, putting it in perspective, if you purchased a house for a million dollars last year, you’ll be celebrating now for having a gross appreciation in the tune of $140K just in one year.
Despite the COVID-19 pandemic, it seems that both Buyers and Sellers have boldened their confidence as the time passes bringing in more than 36% more new listings to the market, compared to the same month last year, though it was slightly lower (-6%) compared to a year ago.
Having lesser listings in the market it has created a supply and demand scenario and people are on the hunt for buying good properties resulting in reducing the number of days a listing remains on the market by 27% compared to last year that is from an average of 33 days it took to sell a property to bringing it down to an average of 24 days to sell the property.
The average days to sell the property, compared to last month, shrunk by over 26%, that is from an average of 23 days to an average of 17 days to sell a property.
So in short, on average, we are seeing that it takes almost 2 weeks to sell a property.
With this confidence, supported by historic low-interest rates, both Buyers and Sellers are rushing into the market filling the vacuum during the early days of COVID-19.
We are seeing the continuation of multiple offers and over asking prices in many areas in and around the GTA.
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 for 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
