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52 Crystal Drive, Mill Pond Richmond Hill - SOLD
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Vaughan Real Estate - Vaughan Homes For Sale - Market Update
VaughanReal Estate - Vaughan Homes For Sale - Market Update – March 2012 YTD
Spring is in the air for sure. What a fabulous start to the spring and the spring market. It has been a tremendously busy period as the market continues to move ahead. What a great time to be selling. Prices are high, fabulous interest rates, lots of buyers fighting for the same homes. Bidding wars and frustrated buyers has become the norm. March was a fabulous month for real estate transactions.
There were 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.
In a nutshell, this spring market has had lots of buyers trying to capitalize on the low interest rates. The biggest challenge has been a lack of inventory. Many of the listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.
The average selling price in the GTA was $504,117 in March – up by 10.5 per cent in comparison to March 2011.
The number of new listings for the entire GTA was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole for the entire GTA.During my last update, I was chatting about the fabulous weather we have had and the trend continues here in April. Not only has the weather been fabulous but so has the market.
There's lots of active buyers out there. The majority are trying to capitalize on the low mortgage rates. Again, the old supply and demand theories are in play here. The low inventory levels have kept competition between buyers strong, resulting in robust rates of price growth. Common sense really. Now would be a fantastic time to sell if you were thinking of it.
The Toronto Real Estate Board published March market statistics by area last week and I have reviewed the key indicators and will interpret the March numbers for the Vaughan Real Estate Market. In a nutshell, the market is definitely favouring the sellers these days. Inventory remains tight and there are still quite a few buyers aggressively looking.
Here are my observations for those that are interested, on the Vaughan Real Estate Market. These quick facts and figures on Vaughan Real Estate and Vaughan Homes For Sale for March 2012 were taken directly from the numbers that the Toronto Real Estate Board publishes each month.
The Vaughan Real Estate market for March had 477 transactions in the month which was actually up from the 351 transactions reported for February. The average price of these transactions was $647,848 versus $609,901 for February. The average days on market was 18 days which is below the number 0f 19 days for February. Again, these are all healthy numbers.
If you break down the stats by house type, you will see that all segments remain strong. Detached sales accounted for 276 transactions versus 197 transactions for the month of February with the average selling price of these homes at $791,659 versus $742,765 for Feburaury with the homes on the market for an average of 19 days.
Semi-detached homes represented only 45 transactions with an average selling price of $511,913 versus $492,703 for February. These homes were on the market for an average of 8 days before selling. The number is quite low which tells me that their were lots of buyers looking at purchasing with low inventory relative to the market.
Condominiums accounted for 68 transactions and the average days on the market at 29 days which is high relative to the other segments.
That's pretty much it for Vaughan Real Estate and Vaughan Homes For Sale for March. Watch for my April Market Update in the first week of May.
If you want to see these market update numbers for any month and for any area or region, please visit my website at www.AtYourServiceAlways.com and look at the left menu for the month you are looking for.
By the way, when you are dealing with any Realtor, make sure they know these facts as well. If not, find one that does. Have a great day.
JOE ANDREOLI TEAM
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