The month of March is known as the busy season and it did not disappoint. Greater Toronto Area Realtors sold 12,077 homes versus the 10,260 homes that were sold during the same period in 2016. That is an increase of 17.7%. Detached homes and townhomes in the Markham, Unionville, Stouffville and the surrounding 905 area code saw the largest growth in sales volume with an increase of 21.3% and 19.1% respectively.
New listings have also increased compared to last year. The month of March saw 17,051 new listings enter the market, an increase of 15.2%, with the majority coming from the detached market segment. The rate in which new listings have been entering the market is encouraging, however it is still lower than the rate of sales growth. This difference has led to the GTA market conditions still being constrained.
The average selling price for a property was up by 33.2% year-over-year to $916,567 in the GTA. Specifically, in the Markham, Unionville, Stouffville and Richmond Hill areas, detached homes saw an increase of 21.3% in sales year over year and an overall increase to the average sale price to $1,124,088. Another notable increase saw townhomes jump by 19.1%. As homeowners look to upsize their property, this often means moving from a smaller townhome to a larger detached home.
Buyers are not wasting their time purchasing a home in 2017. In the month of February, we saw the number of days a home stayed on the market drop from 21 to 13. The trend continued in March with a home staying on the market an average of 10 days.
The demand for home ownership remains very high. Although purchasing a home is becoming difficult as the number of new listings continues to be lower than 2016. March saw only a total of 7,865 active listings compared to 12,132 last year.
What Does This All Mean?
During the past 30 days, we have seen the number of new listings increase. This is good news for buyers looking to purchase in Markham, Unionville, Stouffville and Richmond Hill as the increased competition there will be more choices. However, we are still in a strong seller’s market and buyers will be competing heavily for homes. In the end, the sellers have the upper hand and are in the driver’s seat steering this market.