New listings were up +18.5% and have been increasing consistently over the last 14 months straight. Active listings were also up a big 55.4%. This is the 12th straight month that active listings have been higher year-over-year. Sales were up slightly this month 3.3%, average selling price was down 0.9%. So over all it was a flat month for sales/value and new listings just keep coming.
With slow sales and new and active listings on the rise we are seeing more homes for sale and better options and value for Buyers. Over the next few months housing inventory will continue to grow and we should see another interest rate cut (or two). We expect the average price will start to level out in terms of the overall statistics. What we are seeing is a large divide between the condo market and the free hold market. Free hold homes are already starting to level out in terms of value and should start to slowly increase in value over the next few months. The condo market on the other hand continues to see high levels of new listings and active listings, with this inflated inventory and more units hitting completion every week we expect condo prices will continue to decrease slowly over the next little while.
Overall we are finding that houses and condos in good condition, that are well prepared/staged and are in desirable neighbourhoods are selling relatively quickly and for solid value (about 5-10% off the peak at start of 2022). Houses/condos in lesser locations needing significant updates/repairs are taking a lot longer to sell and are selling at a greater discount.
July year-over-year statistics:
New listings were up +18.5% (+12.3% June)
Active listings were up +55.4% (+67.4% June)
Sales were up 3.3% (-16.4% June)
Average selling price $1,106,617 down -0.9%
($1,162,167 up +1.6% June)
Average days on market were up from 30 to 36 days +56.5% (+50% June)
If you have any questions about the market or when we are forecasting the best times to Sell or Buy this year, feel free to reach out, and we can speak more in person.