Toronto Realtors reported 8,012 residential sales through the Toronto MLS
system in March 2020. The number of transactions in March jumped by 12.3%
compared to 7,132 in March 2019. GTA-wide, sales were up on a year-over-year
basis for all major home types.
However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID19 and post-COVID19 periods. For the purposes of this market watch, the start of the post-COVID19 period was the week beginning Sunday, March 15.
*The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID19 period, accounting for 58% of the total transactions and representing a 49% increase compared to the first 14 days of March 2019.
*There were 3,369 sales reported during the post-COVID19 period-down 15.9% compared to the same period in March 2019.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in March at 17.4%.
The number of new listings reported in March 2020 was up by 3.0% compared to March 2019. However similar to sales, new listings dropped on a year-over-year basis during the second half of the month, beginning March 15, by 18.4%. The number of active listings reported in March 2020 was down by 31.5% compared to March 2019. Both statistics support MUCH tighter market conditions across all home types.
The average price in March was up by 14.5% from the same time last year to $902,680. The average selling price for sales reported between March 15 and March 31 was $862,563-down from the first half of March 2020, but still up by 10.5% compared to the same period last year. Condo apartments in the GTA led the way in terms of an average price increase at 17.7% compared to the same time last year.
Sales of Toronto (416 area code) condominium apartments increased by 4.2% in March 2020. The average price of a 416 condo apartment increased by 18.1% in March 2020 from the same time last year to $712,746.
Condominium apartments accounted for 25.1% of total GTA sales in March while detached homes accounted for 46.9% of the total sales.
Other notable statistics include the average listing days on the market (LDOM) in the GTA for March at 13 days, down from 21 days a year earlier. The average property days on the market (PDOM) for March at 17 days, down from 30 days a year earlier. The sales-to-listings ratio for March 2020 was 75.0% 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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