Wow! What a start to 2021! The month of January has continued to be a busy one for real estate here the GTA. We had increases in both overall sales volume and prices. Lets get in to the numbers:
Overall, the market still continued to be hot this January. With just under 7,000 sales, volume was up 52.4% compared to January 2020. This strong start has shown sales growth across all major home types, including condominiums in the city of Toronto and surround GTA regions. This January, the average sale price across all major home types was $967,885 – a 15.5% increase compared to last year.
Inventory levels have gone down by about 5% when you compared to last year. Currently with all of the inventory available, if no new listings hit the market, all of the active listings would be sold in 1 month!
Single family home results:
Average price of a detached home was $1.36M = 31.2% increase
Average price of a semi detached home was $997K = 26.6% increase
Town homes average price was $804K = 15.9% increase
The condo segment results:
Overall, average sales price decreased by 4.7%. Average price for November was $601,000.
If you have one take away from this report; it’s that we have an increase of demand and extremely low inventory.We are 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 dcinelli@royallepage.ca