March 2019 GTA Real Estate Market Report Summary
Spring is officially here and the GTA is beginning to thaw. Flowers are beginning to bloom and so is the real estate market. Sales picked up in March after a seasonal slump at the beginning of this year. TREB just released their March real estate market report, which showed that sales were up from last month.
Here is how the Greater Toronto Area’s real estate market held up in March:
The number of home sales in the GTA increased in March compared to February. There were over 2,000 more sales in March, with a total number of 7,187 home sales across the GTA. Richmond Hill saw a similar jump, with 800 home sales in March compared to only 669 in February.
The average sale price also increased across the GTA. On average, home sales in the GTA rose from $780,397 in Feb to $788,335 in March. Home sales in Richmond Hill saw a moderate increase as well. In March they sold for an average of $1,034,581. Home sold faster in March as well, with the average day on market going down to 21 in March in the GTA compared to 25 in Feb.
Price per Home Type
Although low inventory continues to be a problem in the GTA, detached home sales were up in March. There were 3,230 detached units sold in the GTA, with 102 of them in Richmond Hill. The average sale price also increased. Detached units in the GTA sold for an average of $984,782 in March, up from $980,914 in Feb.
Semi-detached units saw more sales but the average price did drop a bit. There were 671 semi-detached units sold in March across the GTA, up from 456 in Feb. However, the average selling price dropped from $832,569 to $789,462.
Townhomes remained steady in terms of average sale price across the GTA. There was a slight drop in March from February, with the average price decreasing to $571,189 from $571,273. The number of townhome units sold increased though, up to 551 from 340.
Condos continue to be the driving force in GTA real estate. The average selling price dropping both across all of the GTA and Richmond Hill. However, the number of condo units sold increased in March. There were 1,965 condos sold across the GTA, up from 1,536. In Richmond Hill, there was also an increase, 41 sold in March up from 28 in Feb.
It seems Toronto’s real estate market is finally bouncing back from its winter slump. There still remain some limitations to the market though, such as mortgage restrictions and low vacancy.
“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighborhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices,” said Jason Mercer, TREB’s Chief Market Analyst.
If you’re looking to buy or sell your Richmond Hill home feel free to contact one of our amazing real estate agents!