Market Update: March 2020
COVID-19 shook the world; real estate here in the GTA was no exception. Let’s look at March’s numbers.
At the beginning of the month, the real estate market was on fire. However, there was a clear break in activity between the pre-covid and post-covid periods.
Total sales were 8,012 a 12.3% increase from last year. However, if the market had continued to be as hot as it was in the first weeks, these numbers would have definitely been much higher.
• 58% of sales first 2 weeks, 49% increase
• 3,369 sales for the remainder of the month, 15.9% drop
All major home types had increases in sales. The biggest increase was the detached segment, with its 3,760 sales, a 17.4% increase. The condo segment had the lowest increase a 2.9% increase.
Average sales price was $902,680, up 14.5% from March 2019.
All major home types also had increases in average sales prices.
Average prices:
March 15 = dropped to $862,563
Condo = $658,791
Detached = $1,107,870
There is no denying that things are a bit different these days. Despite that, there are still those that need to buy and sell, so you will still see homes selling in the foreseeable future, but it is not business as usual. Unless you need to buy or sell, it is encouraged that you stay where you are, self-isolate and social distance yourself. We need everyone on board so we can help eradicate this terrible virus.
