The buying frenzy continued with many homes receiving multiple Offers, and sales volumes are way up year over year. With of all of these multiple bids the time it takes to sell is approximately 21/2 weeks or, 18 days. That's pretty quick when you factor in that Offers with conditions take about a week to satisfy.
163 detached 2-storey homes sold during the month at an average price of $1693900. That's 67 more sales and a 14% sales price increase. Essential almost $1.7 million compared to almost $1.5 million ($1480200 in 2019). This August also saw a big jump from July 2020's $1455700 average price.
The rental market was softer with 30 transactions compared to 71 in August 2019. Likely some tenants have decided to take the plunge and make a purchase rather than continue to rent.
Definitely the busiest August in my 24 years. I expect this activity to continue this Fall.
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