SPRING MARKET ARRIVES LATE, BUT COMES ON STRONG
The number of homes sold in June increased 57.6% compared to May.
There were 673 residential homes sold in June 2020.
This is an increase of 8.5% compared to the previous 10-year average for June.
Total residential sales during Q2 are down 33% compared to last year.
On a year-to-date basis, sales activity is down 15.6%.
The average sale price of all residential properties sold in June increased 12.8% to $601,285 compared to the same month last year.
Detached homes sold for an average price of $698,736 an increase of 13.2%.
During this same period, the average sale price for an apartment–style condominium was $372,392 for an increase of 13.2%.
Townhomes and semis sold for an average of $457,851 (up 11.4%) and $504,816 (up 17.3%) respectively.
The median price of all residential properties sold in June increased 14.4% to $564,000.
The median price of a detached home during the same period increased 11.9% to $650,000.
There were 920 new listings added last month.
This is the most added in a single month since May of last year.
The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7% compared to June of last year.
The number of Months Supply (absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2% below the same period last year.
The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months.
The average days to sell in June was 16 days, compared to 20 days in June 2019.
Video link
