March 2021 was yet another record-breaking month as home sales continued to be strong across Toronto and the Greater Toronto Area (GTA). However, the stats look a little bit different this month since the Toronto Regional Real Estate Board (TRREB) decided to break the month down in 2 halves for the purpose of reporting.
Why did they split the month in half? Since the stay-at-home order in Ontario started mid-March in 2020, there was a significant decrease in sales for the second half of March last year — which means that any year-over-year comparison for that period is skewed (it would be a 97% increase in sales year-over-year without breaking the numbers out). So comparing the pre-lockdown period (first 14 days) to the same period this year is a more accurate year-over-year breakdown.
Here are some important numbers:
- Sales increased 41% year-over-year for the first 14 days of March, which represents 6,504 sales in Toronto and the GTA;
- Sales between March 15th and March 31st were even higher, with 9,148 sales during this timeframe;
- New listings were up 57% year-over-year;
- Active listings are down 0.7% and Days on Market are down 23% meaning sales are happening faster;
- The average selling price is $1,097,565, up 21.6% year-over-year;
The winner for biggest growth in number of sales for the month is detached homes in the 905, with an 111.6% increase in sales year-over-year, with a close second being semi-detached homes in the City of Toronto, whose sales grew 106.6% over the same period.
The 905 region is leading the charge in terms of price growth as well, with a 31.4% increase in the price of a detached home year-over-year, compared with a 19.2% increase for the same in the City of Toronto.
If you need any assistance in planning your next real estate move to achieve your goals in the midst of this ever-changing real estate market, give us a call. We have our pulse on the market, which is shifting gears week to week, and can help you strike when the time is right.