Market Ready to March On!
March numbers are in, and the results are flabbergasting to most observers! It seems that GTA buyers have adjusted to the increase in borrowing costs much quicker than imagined and have been out purchasing! Toronto Real Estate Board members reported the sale of 6,896 homes, 47.5 % more than February! The Spring market is in full bloom!
First time buyers lead the sales with 70.5% of homes selling for under $1,249,999 (52.5% were under $1,000,000). Despite those facts, the average sale price for March stood at $1,108,606, a small 1.1% increase over the previous month, but a positive indication for the future.
The biggest challenge remains that of a supply of homes available for sale. We would have and will have more sales as more homes come on the market. All markets start with first time buyers, that leads to second and third time buyers selling their homes and buying more expensive homes. That has started already, and as the Spring market continues, more homes will come up for sale. Unfortunately, prices will continue to increase as the competition for homes is fierce! With a limited inventory of 11,184 homes for sale and projected sales in April to be about 9,500, bidding wars for homes will continue with the resulting increase in prices.
But….. don’t be fooled when a novice or part time agent says, “a house sells itself”. They have left out the rest of the quote which is, “but the price the seller gets is dependent on the realtor they choose”. The price a seller gets for their home is a function of correct pricing, the number of buyers a realtor exposes your home to and the negotiating abilities of the realtor. That doesn’t cover protecting your legal interest, but that’s another story!
We are in puzzling times. Higher borrowing costs, anticipating a recession that seems slow to develop, lower prices and fewer sales than a year ago. Many people are in a quandary, they don’t know what to do.
This is the market where I can answer your questions, uncomplicate the market and guide you to make the best decisions for you and your family’s future. A full time, professional realtor, working for a worldwide company like RE/MAX!
We are in a time of opportunity! If you have any questions about the market or what the future holds for GTA real estate, contact me, let’s talk, I am here for you!
Have a Great April,
Your Friend in Real Estate,