1 Million Average Price REACHED! + February Market Update
Thursday Mar 04th, 2021
🔴We have hit an average home price of $1,000,000!! What this means is that an average of all condos, townhouses, semi-detached, and detached homes sold in February now average over 1 million. This definitely was going to happen in 2021 however, it is a lot sooner than expected!
🔴The market is still on fire with some areas showing even lower months of inventory. This is one reason why prices are not expected to decrease. Historically speaking February has always shown an increase in prices compared to January and this trend has continued
🔴42.6% new listings
🔴52.5% new transactions
🔴14.9% increase in price
🔴2.3% increase in price compared to Jan 2021
🔴Interest rates are rising and this potentially could start affecting the market moving forward
“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.
Make sure to DM / call / text me if you have any questions about real estate!