Seller's are still enjoying this very hot market. More than half the sales in June attracted multiple Offers resulting in over asking selling prices. A number of others sold for full price. And it took 10 days to complete the sale, on average.
The average sales price for a 2 -storey detached home was $1,887,500 down slightly from May's $1,903,000 average but up 10% from June '2020 $1,717,000 average. Sales volumes were down 10% year over year.
Buyers are still frustrated with the multiple bid offer strategy and would prefer Seller's to start pricing their homes at the market. Some of these buyer's bidding are expecting to have a decent shot at acquiring the property at or, around the list price and are dismayed when being informed of the end result, often tens of thousands more.
Some seller's who were not successful in creating an auction find themselves initially raising their (below market) asking prices and then reducing them later on in order to attract a buyer.
It looks like June's momentum will continue well into July. Stay tuned!
