Market Watch - February 2020
February boasts strong numbers as 2020 off starts with a bang! Sales rose a staggering 45.6% over last February (which was a 10-year sales low). However, the sales numbers for February 2020 were still below the 2017 record result.
Here is a quick breakdown:
The MLS® Home Price Index Composite Benchmark was up by 10.2 per cent.
New listings for February increased 7.9% year over year, however active and current listings on the market was down -33.6%. This shows that competition for buyers has increased, with less inventory than 2019 overall.
The average selling price for all home types combined for the TRREB Market Area as a whole was up by 16.7% from $779,791 to $910,290.
Year-over-year sales growth, for the GTA as a whole, was strongest for ground-oriented home types.
Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments.
February was a solid segway into an extremely optimistic Spring market! If you are looking to make a move, we are always available to help! Contact us at any time for a free market analysis of your home.
It’s our family helping yours!
-Kristina & Rey