Key Takeaways:
- Average sale price in March was relatively flat with a slight uptick month over month and year over year.
- Another big jump in sales activity as March saw a 17% increase in homes sold month over month but still 9% lower than this time last year.
- Inventory is continuing to roll on to the market with a 42% increase in new homes month over month and 14% year over year.
- This time last year saw a surge in activity with new found activity in buyers as there was false confidence that rates would be coming down and the market took off. The fact that we have 9% less sales and 14% more homes to sell tells me we are just in a healthier balance right now.
- March saw an Easter weekend for the first time in a long time which is typically a slow few days for real estate and I imagine that was factored in to seeing a decline in number of sales year over year. I anticipate April is likely to be much more active for both buyers and sellers across the board.
- Running numbers after the first week of April, Toronto Freehold homes are at 2 Months Of Inventory (Sellers Market) and Toronto Condos are at 3.5 Months Of Inventory (Balanced Market).
Data below.
*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.
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