Quarter 1 Update - Have Real Estate Prices Dropped?
Monday Apr 13th, 2020Share
There was a reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019.
There was however, a clear difference in market activity between the pre-COVID-19 and post-COVID-19 periods. The start of of the post-COVID-19 period and reflected stats, were the week beginning Sunday, March 15.
• The March sales result was driven by the first two weeks of March. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019.
• During the post-COVID period, there were 3,369 sales down by 15.9 per cent compared to the same period in March 2019.
• New listings were up by 3% year-over-year to 14,424. Although, similar to sales, new listings dropped on a year-over-year basis during the period of March 15-March 31, 2020, by 18.4 per cent.
The average selling price for March 2020 as a whole, was $902,680, which is up 14.5 per cent compared to March 2019. Although the average selling price did decrease to $862,563 during the second half of March, this is still up by 10.5% compared to the same period last year.