Greetings and welcome to our early Spring newsletter! As we bid goodbye to winter, the real estate market is shaping up to be as bright and hopeful as the blooming trees. We have some exciting data to share with you, so let's dive right in!
According to the Toronto Regional Real Estate Board (TRREB), the Greater Toronto Area (GTA) housing market is tightening up, with increased competition among buyers. In March 2023, sales accounted for a larger share of listings compared to the same month in 2022, driving up average selling prices. In fact, the average sale price was higher than the average list price for the first time since May 2022.
Despite the rise in mortgage rates, the low inventory of new homes has created a spring boom in average selling prices, which have jumped 5.5% since December 2022. Looking at detached homes we see the average home price is up 6.1% from year-end. The increase in selling prices is making it a great time to sell if you are looking for a new home. For the full TRREB Report click HERE
In Durham Region, the average home selling price was $926,142 at the end of March, up 5.9% from the end of 2022. The average detached selling price was $1,036,809, up 6.6% from the end of 2022. There were 864 homes changing hands in March. While lower than last year it was still a good level of sales.
However, as a seller, it's important to set realistic expectations for your home's selling price in the current market. Many sellers are still holding onto last Springs selling prices, which are no longer reflective of the current market. New pricing strategies are required and we are equipped to show you how. The average days on the market statistic has fallen from 41 days in January to 27 days across the GTA, with multiple offers on many homes. To achieve Top Dollar, homes that show well and are staged will sell faster and for more money than those that aren't staged. Click HERE to learn about our Buyer and Seller Services
The market is expected to remain robust until the end of June, so now is a great time to buy or sell. Recent consumer polling suggests that demand for ownership housing will continue to recover this year, with first-time buyers leading the recovery as average rents move closer to the cost of ownership.
Finally, it's important to remember that online home valuation services are typically inaccurate. Only an experienced agent, like the Jenkins Team, can truly evaluate your home's worth based on its unique features and location. With our expertise and knowledge of the constantly changing real estate market, we can help you find your dream home or sell your current one at the right price. Contact us to learn more and obtain a free home value analysis.
Don't wait to engage us! Contact the Jenkins Team today to learn more about the real estate market and how we can help you achieve your goals.