March Market Update!

Friday May 07th, 2021

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🔶 We saw a 21.6% Increase year over year for average home price. Last year many thought we would hit the 1 million average mark, and now we have shot past it. We are almost at $1.1 million average!


🔷Average listing / property days on the market continues to drop as buyers appetites continue to gobble up listings showing a 23.1% and 23.5% decrease respectively. Properties are not lasting long on the market!


🔶The 97% increase in number of sales is somewhat skewed due to the fact that March 2020 is when the first lockdowns happened. HOWEVER, that being said when measuring only the first two weeks of March we still saw an increase of 41% over 2020


🔷 "Confidence in economic recovery coupled with low borrowing costs supported a record pace of home sales last month. While the robust market activity is indicative of widespread consumer optimism, it is also shedding light on the sustained lack of inventory in the GTA housing market, with implications for affordability,” reads a statement issued by TRREB President Lisa Patel.


🔶That all being said, on the ground I am seeing a TOUCH of slowdown in the market. I'm seeing listings not selling on offer date, and i'm also seeing listings not selling at all. Some listings are selling at asking, or even a touch below however, that being said the desirable units are still selling like hotcakes.

 


 

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