Greater Toronto Realtors reported 7,256 residential sales through the Toronto MLS system in February 2020. The number of transactions in February jumped by 45.6% compared to 4,982 in February 2019. GTA-wide, sales were up on a year-over-year basis for all major home types.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in February at 61.8%.
The number of new listings reported in February 2020 was up by 7.9% compared to February 2019. The number of active listings reported in February 2020 was down by 33.6% compared to February 2019. Both statistics support MUCH tighter market conditions across all home types.
The average price in February was up by 16.7% from the same time last year to $910,290. Condo apartments in the GTA led the way in terms of an average price increase at 18.6% compared to the same time last year.
Sales of Toronto (416 area code) condominium apartments increased by 26.2% in February 2020. The average price of a 416 condo apartment increased by 18.0% in February 2020 from the same time last year to $722,675.
Condominium apartments accounted for 26.3% of total GTA sales in February while detached homes accounted for 47.9% of the total sales.
Other notable statistics include the average listing days on the market (LDOM) in the GTA for February at 17 days, down from 25 days a year earlier. The average property days on the market (PDOM) for February at 23 days, down from 36 days a year earlier. The sales-to-listings ratio for February 2020 was 82.3% which is classified as a BIG seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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