By: Marilyn Palmer
Business As Usual?
Tags: homes, buyers, sellers, average selling price, GTA, Burlington, Oakville, Milton, real estate, detached, condominiums, Toronto
I would like to open this by first acknowledging those front-line workers who are helping each and everyone of us cope with this virus. I also hope, for those reading this report, that both you and your family are safe and stay safe, through these uncertain times.
Here are your March 2020 Market Results for the Burlington, Oakville, Milton, GTA and Toronto areas. This was when Business as Usual existed somewhat. TRREB's report will reflect that "there was a clear break in market activity between the pre-COVID-19 AND post-COVID-19 Periods. For the purposes of their release, the start of the post-COVID-19 period was the week beginning Sunday, March 15."
BURLINGTON MARCH RESULTS
The Real Estate Association of Hamilton-Burlington's (RAHB) President had this to say: "For March, there was growth at the beginning of the month; however, COVID-19 infiltrated our communities mid-month and slowed activity in the latter half." For the Burlington area sales decreased by a minimal 2% when compared to 2019. However, the number of listings fell by 20% when compared to the same period last year. Wow! As buyers returned to the market the supply vs demand scenario was felt as the Average Selling Price rose by 14%. For your complete Burlington market report please click here
OAKVILLE MARKET RESULTS
OMDRED President, Richard Weima, had this to say about the March results: "As in the previous months, the first quarter of the year continued to demonstrate robust real estate market activity. In the first few weeks, our March marketplace continued to break the previous year's record number is sales activity. However, following the COVID-19 emergency declaration, this sudden change has dramatically altered sales activity during the last half of the month." "This will have a profound effect going forward as we must all adapt to alternative means to conduct real estate business, while still meeting the needs of our Buyer and Seller clients."
The number of sales for both Milton and Oakville remained unchanged when compared to 2019. The total number of listings for March 2020 was 1,084 compared to 1,220 in 2019. That difference of supply vs demand saw the Average Selling Price up - especially in Milton (23.89%). To check out the full report for Milton please click here
, and for Oakville please click here.
TORONTO & GTA MARKET RESULTS
As mentioned at the beginning of this report the COVID-19 had an impact on the market for the last two weeks of March. 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-19 period - down 15,.9% compared to the same period in March 2019.
For March, as a whole, new listings were up by 3%. However, similar to sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March 15) by 18.4%. The Average Selling Price for March 2020 as a whole was $902,680 - up 14.5% compared to March 2019. The Average Selling Price 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.
For the full report for the Peel region, please click here