By Michael McCann
As we rolled into July, it seems that buyers were more interested in summer time relaxation than considering a house purchase. The number of sold properties was down 26% from June. The average selling price also dipped to $489,087 in July, which is a decrease of almost $26,759 or a little more than 5% from June.
This softening of prices in July is typical of previous summer housing cycles in both Birchcliff/Cliffside and Toronto. I would expect to see a repeat of the July trend reflected in our August data once it becomes available.
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
Prices compared to last year
Now, if we look at the data from the hot and hazy days of July and compare it with July 2011, house prices are only up $7,000. The number of homes sold is almost a tie with 22 houses sold last July and 23 this year. Days on market is similar with July 2011 clocking in at 20 compared to 19 for last year.
Sellers, who are presently considering selling their homes, are working on fixing their homes so that they will be ready for the upcoming fall housing market, the second busiest period next to the spring. This window is much shorter than the spring, starting at approximately Labour Day and running through to Thanksgiving weekend.
To view house prices in previous months, click on the tabs.
[tabs slidertype=”top tabs”] [tabcontainer] [tabtext]June[/tabtext] [tabtext]May[/tabtext] [tabtext]April[/tabtext] [tabtext]March[/tabtext] [/tabcontainer] [tabcontent] [tab][/tab] [tab][/tab] [tab][/tab] [tab][/tab] [/tabcontent] [/tabs]
These statistics are based on the Toronto Real Estate Board’s designation for Birchcliff/Cliffside, which can be seen on the map below.
View Birch Cliff / Cliffside in a larger map
