Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of March 2020.
As per the Greater Toronto Area REALTORS® report, the total number of transactions for the month of March 2020 is 8012 which indicates a 12.3% increase compared to 7132 sales reported in March 2019.
- The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58% of total transactions and representing a 49% increase compared to the first 14 days of March 2019.
- There were 3,369 sales reported during the post-COVID-period – down by 15.9% compared to the same period in March 2019.
The MLS® Home Price Index Composite Benchmark price was up by 11.1% year-over-year in March 2020. The average selling price for March 2020 as a whole was $902,680 – up 14.5% compared to March 2019. The average selling price for sales reported between March 15 and March 31, was $862,563 – down from the first half of March 2020, but still up by 10.5% compared to the same period last year
Year-Over-Year Summary :
The overall average selling price in March 2020 is increased by 14.5% with an average of $902,680 which was $788,133 in March 2019.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.