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Greater Toronto Realtors reported 7,765 sales through the MLS in March 2013. The number of transactions represented a 17.3% decrease compared to March 2012. While this year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.
The number of new listings reported in March was down by 9.0% compared to the same period in 2012.
In the first quarter of 2013, sales amounted to 17,678-down by 14% compared to Q1 2012.
“Home ownership remains affordable for a househo0ld earning the average income in the G.T.A. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional land transfer tax in the city of Toronto, other households simply haven’t been able to find the right house due to a shortgage of listings in some market segements,” said Toronto Real Estate
Board President Ann Hannah. “
The average selling price continued to grow in March up by 3.8% from the same time last year to $519,879. Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!!
“We will undoubtedly experience some volatility in price growth for some market
segments in 2013. However, months of inventory in the low-rise market segment
will remain low resulting in average price growth above 3% for the TREB market
area this year. Our current average price forecast is $515,000 for all homes
combined in 2013,”said Jason Mercer, TEEB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments decreased by 18.7% from March 2012. The average price of a Toronto condo increased by 2.0% from the same time last year.
Condominium apartments accounted for 22.8% of total sales in the GTA for March 2013 while detached homes accounted for 48.5% of the total sales.
Other notable statistics include the average days on the market for March at 24 days. Active listings were 18,384 in March-up 8.7% from March 2012. The
sales-to-listings ratio for March was 42.2% which is classified as a 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 and even very street specific
in some areas. The numbers as reported above are GTA averages. Results in
one neighbourhood or on one street do not indicate that all other
neighbourhoods or streets are experiencing the same results. We are still
seeing multiple offers in some areas for the best homes.
Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca