We continued to experience record real estate sales volumes in the month of March 2021. The demand for real estate has continued to outpace new listings supply.
Although listings are up 57.3% compared to March 2020 the last 2 weeks of March 2020 experienced a dramatic decrease in listing and sales. However, if we compare the first two weeks of March 2021 sales are stronger than the first 2 weeks of March 2020 by 41% and the last 2 weeks of March 2021 sales are up by 174%. Overall sales volume is up 97% compared to March 2020. While listings are stronger than in March 2020 the overall annual growth rate for new listings was well below that of sales. Which has resulted in a continued robust seller's market with many homes selling in competitive bidding wars. However, with the increased new listing we will start to see a slight softening of bidding wars but it is expected that it will continue to be in a seller’s market for at least the balance of 2021.
We continued to see the condo market pick up in both the Toronto core but condo sales are definitely rebounding much quicker in the suburbs. Condo pre-construction sales have rebound very strongly over the past month and we are once again seeing condo pre-construction record sales.
Greater Toronto Area Market Update
In March 2021 the average sales price is $1,097,565 which is 21.6% higher than in March 2020. Detached homes continue to see higher price increases, followed by townhomes, semi-detached homes, and condos.
Sales volumes and average sales price appreciation continue to be higher in the 905 suburban areas compared to Toronto. However, we have started to see the condo market rebound in both the Toronto and suburban areas.
There was increased confidence that we were getting closer to getting the pandemic under control it will be interesting to see what impact the 3rd wave of lockdowns will have on the housing market. My expectation is that the housing market will continue to remain strong given the pent-up demand for housing and the continued low interest rates.
If you are thinking of making a move and would like to get a feel for what your home may be worth in our current hot market – reach out.