FLAT… FLAT… FLAT

By: Thomas Cook

FLAT… FLAT… FLAT

Sales were FLAT for March compared to last year with 7,187 houses and condominiums changing hands in all the districts.  This was tied for the lowest number of sales since 2009 for the month with March 2018.
 
Condo townhouse and high-rise suites took a typical 35% share of the market with 2,516 units being sold.
 
The March average sale price for all GTA homes came in at $788,335– almost identical (+0.5%) with 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 were basically FLAT compared to last year at this time.
 
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.
 
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 46.1% - just barely above last year.  The GTA overall has moved slightly into moderate seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.
 
The days-on-market average for GTA / Toronto homes was 21 days, 4 days faster than February.

Here’s a snapshot summary of the significant real estate milestones for Toronto in March 2019… lots of stats are FLAT compared to 2018.

Expect sales and inventory to pick up as we progress into the spring market in April through May/June where listings and buyers are most active - buyers should watch for more pricing opportunities to get the condo or house of their dreams.
 

Watch the video to get the complete March 2019 Market Report details.



Here's the complete text version of the March 2019 Toronto Real Estate Market Report to read.


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