February 2019 GTA Real Estate Market Report Summary
The Greater Toronto Area real estate market is still suffering from a bit of a seasonal slump. This slowdown was expected due to the season, the tougher mortgage regulations, and the previously hot market. TREB just recently released their February real estate market report. Condos continue to dive the real estate market, with price growth being driven by condominium sales.
Here is how the GTA’s real estate market held up in February 2019:
The number of home sales and active listing increased in February. In January there were a little over 4,000 homes sold, which increased to a little over 5,000 in February. The number of active listings also increased from 11,962 in January to 13,284 in February. The average price also increased slightly from last month to $780,397. Days on market dropped from 33 days to 25 days in February signaling homes were moving faster.
These changes in the Greater Toronto Area real estate were also reflected in Richmond Hill’s market. The number of sales increased to 153 compared to 111, as did the average price and number of listings. The days on market also dropped from 39 days in Jan to 34 days in Feb.
Price per Home Type
In the GTA, the average price for detached homes increased last month. In February the average price of detached homes sold was $980,914, up from $941,488 in January. There were more units sold as well, in both the GTA and Richmond Hill region. However, in Richmond Hill, the average price of detached units sold dropped a bit despite the number of sales doubling.
Semi-detached homes also saw an increase in price and units sold from January to February. There were 456 semi-detached units sold across the GTA in February, 5 in the Richmond Hill region.
Townhome sales were down a bit in the Richmond Hill area, although the total number sold in the GTA went up. The average price of townhome units increased a bit from $567,748 to $571,273. In Richmond Hill the average townhome unit sold for over a 100k more than the month previous.
Condos continue to be the top seller in the GTA. There were 1,536 condo units sold in the GTA in February, up from 1,238 sold in January. The average price of condominiums also increased to $562,161 from $548,176.
If you’re looking to buy or sell a home in Richmond Hill, please contact one of our amazing real estate agents!