09/03/2020
AUGUST HOME SALES SET ANOTHER RECORD
August 2020 had 686 residential homes sold through MLS, the most ever recorded for the month and an increase of 48 % from last August. The previous ten-year average number of residential sales for August is 470. August sales represented an 8% decrease from July.
Buyers have had to act quickly as demand has been higher than supply.
Total residential sales in August included 433 detached homes (up 61.5 % from August 2019), and 79 condominium apartments (up 38.5 %). Sales also included 138 townhouses (up 40 %) and 39 semi-detached homes sales remained the change.
The average sale price of all residential properties sold in August increased 21 % to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 %. During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 %. Townhomes and semis sold for an average of $495,932 (up 18.3 %) and $535,330 (up 21.1 %) respectively.
The median price of all residential properties sold in August increased 20.8 % to $597,955 and the median price of a detached home during the same period increased 17.4 % to $675,000.
The average days to sell in August was 16 days, compared to 26 days in August 2019.