With just 10 days left, the race is heating up to the NBA 2024 Playoffs. 🏀
Just as the Celtics are trying to outmaneuver the Nuggets, participants in the Toronto real estate market are also playing a game of precision and timing.
What Is Actually Happening?🏠
It seems safe to say we are all starting to feel better about dealing with higher interest rates, and there's talk that these rates will start to come down in the months ahead. ⬇️
This is making both buyers AND sellers feel…optimistic.
As we usually see around this time, home prices in Toronto went up in the first quarter, and more homes are being sold. But, because more people are deciding to sell their homes, it's keeping prices from skyrocketing as buyers have options to choose from.
There are more homes available now than there were at the same time last year, which shows that people are feeling more confident about the Toronto housing market. 💪🏼
This increase in homes for sale is matching up well with the number of people looking to buy.
These factors are helping to keep the market stable.
Let’s Look Closer At The Numbers
Sales are up 17% since last month
But are down 4.5% since last year
New listings are up 15.10% since last year
And up 15.13% since last month
Average sale price is $1,121,615
And is up 1.3% year over year
Average days on the market = 20 Day
What You Need To Know Right Now 🧐
The Toronto housing market is slowly looking more promising.
People are getting used to the current interest rates and feeling hopeful about the spring market, which is why we have seen an increase in listings since the start of 2024.
The Toronto Regional Real Estate Board thinks that even though there might be fewer homes for sale later this year, more homes will continue to be sold, especially if interest rates start to drop in 2024.
If this happens, the market might lean more in favour of sellers, which could mean higher sale prices towards the end of the year.
We can’t predict the future, but we do know this…
Basketball isn’t the only game that has unexpected turns.
The Toronto real estate market is dynamic and ever-changing. As we move through the spring market, players need to keep their game faces on, ready to adapt and pivot. 🏡
And remember, in real estate, as in basketball, timing, preparation, and execution are key to securing the win.
So, whether you're buying or selling, the question remains: Are you ready to play ball this spring? 🏀
