Spring is in the air and so is Toronto real estate🌸
Spring is in the air🌻; the grass, the blossoms and the Toronto real estate market alike are alive and enjoying the fresh season upon us. But the question we are all asking: is this a seasonal uptick or has real estate actually rebounded?🤔
Listing low and selling high. Bidding wars and multiple offers. Jam-packed showings and busy open houses. This is what we are seeing across many GTA neighhourhoods (more amongst homes and less in condos however). The current demand for housing due to a continued inventory shortage is a clear indicator of strong sales and prices slowly starting to rise.
Let’s take a closer look at the numbers
• Prices may be down just shy of $100,000 (-7.8%) year over year but they are up 4% since last month for an average selling price of $1,153,269
• The number of sales are also down (-5.2%) year over year but they are up 9.2% since March
• The average days it’s taking a home to sell is down from last month too, dropping from 19 in March to 17 in April
The most interesting factor to point out centers around inventory - the number of houses and condos for sale🪧. The number of new listings for sale in April (compared to the same time last year) is over 1000 homes less, and only slightly higher by 180 homes compared to March📈. Typically we’d see listing inventory climb more than it has at this time of the year and that is one of the key reasons we are seeing a rebound.
What does this mean for me?
If you’re thinking about selling a home🏡: you can likely expect a steady number of showings, an increase in attendance at open houses and multiple offers with a strong sale price.
If you’re thinking about selling a condo🏢: boutique buildings, unique spaces and well staged/decorated units are selling the fastest at this time, but the key difference-maker right now is the team you hire: preparation, marketing and strategy. With that trifecta, your sale should be a home run.
If you’re a Buyer or Investor, it means📊: Some pockets of the GTA have opportunities to consider but ultimately knowing what is the right home or investment comes down to a lot of lifestyle and/or financial factors that we can discuss when you’re ready.
Call, text or DM us anytime. We’re here to help!🤝