It's not like they say it is in the papers...!
The sales numbers are out for March 2013 in the greater Toronto area. We now have the first quarter under our belt and it certainly does not look like this...
In fact it looks like this...
Well sort of. Three months does not provide the whole story because unit sales were down 17% compared to March 2012. In fact the first quarter sales, were also down 14% compared to Q1, 2012. Inventory is up +8.6% versus same time a year ago, yet this is still historically low. That together with incredibly low mortgage rates is keeping a large part of Toronto and area real estate in a seller's market.
The average selling price in March was just under $520,000 up +3.8% compared to March 2012.
Last week a property asking $329,000 had 21 offers and sold for $402,500. Another one asking $319,000, is still waiting for an offer. What was the difference?
Well neighbourhood was one thing, but the real difference was, one was a house and the one still waiting, is a condo. Condo prices and sales are down versus a year ago.
Things will surely change. Sellers, I believe that you have about two more weeks to get the most out of the spring Market.
Buyers your time is coming, particularly if you are paying attention to "The Mosaic". In case you forgot or missed it, Follow this.