April 2021 – Market Update
The numbers are in for April 2021 Real Estates Market…Although I usually compare the previous years month to the most recent statistic, last year in April we had the lockdown. All of Ontario was essentially closed, and the real estate market, along with every industry during that time suffered. So it is hard to Compare last years April totals to this year, where the market is on fire!
Instead, we are going to look at the narrative we have heard over and over again…lack of inventory is what’s driving our sales up, but is this accurate? Let’s get in to the numbers.
April continued to be hot for sales and average prices across the GTA.
We had 13,663 sales in April, as I said comparing this year to last year isn’t fair as we were in a lockdown and the 2,957 sales in April 2020 reflect that. But if you compare to the previous months of 2021, we had less sales in April than we saw in March but more than January and February.
Average sale prices in April saw the overall sale price soar over $1M for the third time in TREB history.
Single family home results:
Average price of a detached home was just over $1.3M = 41.3% increase
Average price of a semi detached home was $1.07 = 23.6% increase
Town homes average price was just under $850K = 25.9% increase
The condo segment results:
Overall, average sales price increased by 19.6%. Average price for April was just under $700K.
Sales volume is up and so are prices & many analysts are trying to explain why this is?
If you have one take away from this report; it’s that we have an increase of demand , extremely low inventory, extremely low rates and people are having a fear of missing out. We are still in a seriously strong sellers market. So if you have ever thought about the possibility of selling your home, now may be your best opportunity!
If you want to know how your area is affected by real estate market conditions, or have any real estate questions, call or text me at 416-876-9998 or email me at firstname.lastname@example.org