Real Estate Market Update For March 2021

With the spring market officially underway, we’re seeing a large number of new listings hitting the market. But, it’s still proving to not be enough to keep up with the demand. What does that mean for the housing market? Limited inventory drives up the competition which leads to multiple offer situations and an increase in average pricing.

When compared to this time last year, housing prices in Durham Region are up a staggering 37.35%. This brings the average price to $901,322, up from $656,211 in March 2020. Diving deeper into the Durham Region real estate market, Oshawa (+37.57%) and Pickering (+43.32%) are leading the pricing increase in a year-over-year comparison. For average days on the market, most homes in the Region are averaging about 7 days on before leaving the market.

North of City, York Region is continuing to see strong pricing growth in all home types with the average price of a detached home clocking in at $1,544,450. In central Toronto, detached homes have seen the strongest gains compared to this time last year, with the average price coming in at $2,549,545. In the west end, condo prices are rebounding with a 10.9% growth compared to this time last year. Lastly, in Toronto East, detached homes saw the steepest increase in average sales price over other home types with a 19.9% increase year-over-year.

Take a look at the complete breakdown from market to market below:

 

 

Homes are hitting record prices but they won’t sell themselves. Are you ready to realize your home’s true potential? We can help. Give us a call today!