In March sales were up 12% compared to last year with 8,012 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were up by 6% with a 33% share of the market and 2,667 units being sold.
The March average sale price for all GTA homes came in at $902,680, up 14.5% from one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of March compared to historical numbers was lower by a huge 31.5% compared to last year at this time.
This inventory imbalance is causing price increase in many, but not all, GTA districts.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In March that ratio finished at 75% - about 30% above last year and a continuation of what we saw in February 2020. This would be an indication of a continuing strong, steady market as we hit the middle of the spring market EXCEPT for the massive ‘community separation’ shock that hit us mid-month.
The days-on-market average for GTA / Toronto homes was 13 days, 10 days faster than February.
Here’s a snapshot summary of the significant real estate milestones for Toronto in March 2020… keeping in mind the massive ‘societal shift’ due to the coronavirus we saw happen mid-month!!
- March sales up 12% compared to last year (8,012)
- The ratio of sales-to-listings declined slightly to 75% in March – an extremely busy seller market
- The March average sale price came in at $902,680– up a positive 14.5% compared to last year
- The big unknown is how social distancing requirements, restrictions on safe showings and the absence of open houses will affect our April market.
- The GTA real estate market overall averaged 13 days-on-market
- Detached home sales in March 2020 with a purchase price over $2,000,000 were up 62% (225 houses) while condo apartment sales over $2M increased by 50% (9 suites) compared to March 2019
- The CONDO share of the market was steady at 33% during the month
- Downtown condo active listing numbers were down a modest 8.2% in C01 and up by 9.4% in C08 from last year at this time
- March condo sales were up by 6.5% in C01 and increased in C08 by 13.8% compared to 2019
- The downtown condo days-on-market average was 15 days – 2 days slower than the overall market
- The ratio of sales-to-listings for condos downtown moderated in C01 (74.7%) and in C08 (78.3%) – They mirrored the overall market (75%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 13.2% to 20.1% year-over-year… highest that we’ve seen all this year.
- Sales numbers have now increased in many 905 neighbourhoods with March bringing double-digit appreciation to detached, townhouse and condo apartments in the 905.
- With the long-term impact of the coronavirus epidemic uncertain, there will certainly be a short-term (2-6 month) adjustment to sales numbers and prices as we work through this crisis. There are multiple points of view as to ‘should you still list’ and ‘what will happen to prices’. The answers to each of those questions will hinge on your personal situation and you need to get specific advice based on that.
Watch the video to get the complete March 2020 Market Report details.
Here's the complete text version of the March 2020 Toronto Real Estate Market Report to read.
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