This July has proven to be better than most for sellers. Typically properties that hit the market during the prime summer months (July & August) take several weeks to sell. Not this summer, if you listed earlier in July you were sold a week or so later. And properties have been selling quickly and for good value. The average price of a detached 2-storey home rose 5% from a year ago to $2,315,000. We are closing in on the record highs of Spring 2022.
Other categories did well as well and the average time it took to sell was a relatively quick 22 days.
Detached bungalows averaged $1,974,500
Semi-detached $1,532,250
Condo THs $1,260,333
Freehold THs $1,172,619
Condo apartments $843,000
and the rental market saw 81 properties leased similar to the 88 a year ago.
So the excitement in the market hasn't waned even with the recent interest rate increase.
It appears there will be no down time in the market this summer.
