Mid-March Market Update

Okay, maybe not like March Madness, I just like the sound of that. It has been another strong month of sales, but no buzzer beaters here. March is an interesting month as March break takes up at least one week (two for private schools) – Easter is also close to the march break this year which will have people spending more time with their families. The weather has been amazing to date which has people thinking positivly after the winter blahs & it will have them prepping their homes to sell. I suspect that over the next 3 weeks we will see a lot of new homes come available.

TORONTO, MARCH 17, 2010 – Greater Toronto REALTORS® reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March. This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also 16 per cent higher than the previous March mid-month high reached in 2006.

“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said Toronto Real Estate Board President Tom Lebour. “People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable.”

The average price for March mid-month transactions was $440,153 – a 20 per cent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up 34 per cent to 8,540.

“Look for double-digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”

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