My Monthly Market Moment for April is simply Bananas!
And this was no April Fools joke! The Toronto housing market has outdone itself again and Here are the basic facts you all need to know as we compare April 2016 to April 2015.
*Sales are UP by 7.4% % in the GTA
*Average monthly Sale prices rose by more than 16% to $739,100
*Total monthly listings are unbelievably down by 27%…so older inventory is being ravaged by hungry buyers! In fact, we did over 12,000 sales this month ( another RECORD) and we have only 12,000 active listings…so if nothing came on the market in May, we would be out of business in ONE MONTH.
*Average days on market are down by 17% to 15 days. This includes condo sales which always take longer to firm up due to lawyers signing off on Status Certificates! ….this pace is unheard of!
We had another RECORD BREAKING month in the GTA for April.
I can only imagine what monthly sales would have been like IF there had been supply to meet demand. Clearly, low interest rates are driving this train, along with extreme interest in Toronto housing from foreign buyers.
Detached homes are at a premium and are selling 4 to 1 in the 905 area code, vs. 416. (They too will run out of supply soon…unless new construction is on track to meet demand).
Average sale price for homes in the city is now $1.258,000 but in the city core, a detached home now sells for just slightly less than TWO MILLION! This is where the higher end, luxury buyers (often foreign but not all) come into play. I did some “drilling down” on the stats and found that:
333 sales took place in April of properties ABOVE $2 MILLION in price! Last year only 193 like sales took place. 1 in 5 sales in April was for a property $1,250,000 or more. A stunning Statistic! It could very well be that people with high end homes have finally decided to “cash out” and either downsize, move further out (Chestnut Park sales are up 35% in COLLINGWOOD for example) or they are renting.
CONDO SALES UP over 17% in the city with an average monthly sale price of $437K. This is only a 7% increase in price from last April. This is a healthy market for down-sizers and also serves an important millennial crowd who’s only entrance to the market is via the condo product. Being able to interpret these stats for your particular needs is one of my specialties. 1 in 4 sales in April, was a CONDO sale. Please connect if you have any questions or concerns about the market. I’m ready to help.
Happy Spring everyone!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect, as I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.