Sales in Durham Region and across the GTA were down substantially from pre-rate hike levels of a year ago. Sales in February declined 46.6% from February, 2022 although they were 52.5% higher than the previous month of January. New listings were also down 44.5% from a year ago, contributing to a levelling off of price decreases. The Average Price increased just slightly from last month but they were down 27.7% from last year at this time, the last month before rate hikes began to take hold. The Sales to New Listings Ratio stood at 52.4% meaning the experience and guidance of your Realtor is even more important if you, as a Seller, wanted to avoid being in the 48% of new listings that failed to sell. Months of Inventory came in at 1.3 months with Whitby and Clarington having the least
amount of inventory right across the GTA. This will contribute to price increases as we head towards the Spring market with more Buyers coming back into the market and seeking to purchase a home. The Average Sale Price to List Price stood at 102%, supporting the price pressures that low inventory levels bring. Though much lower than the 129% reported a year ago, the percentage did increase from the 99% of asking price reported last month. Average Days on Market came in at just 21 days. The Active Listings across the Region stood at 777, lower than the 799 Active Listings reported in January. This decrease in Active Listings, coupled with sales being 52.5% higher, contributed to the Sale to Asking price ratio increasing from 99% to 102% in Feburary. This trend could continue as more Buyers return to the market.
Here are the key stats:
-Sales down 46.6% from a year ago
-Sales up 52.5% from the previous month
-New Listings down 44.5% from a year ago
-Average Price down 27.7% from a year ago
-Average Price decreases have flat-lined since September, up slightly from January to February
-List to Sell Ratio increased to 102%, up from 99% in January
An Ipsos poll recently indicated buying intentions have picked up for 2023. Any increase in demand will collide with a constrained supply of listings, resulting in increased competition among Buyers and leading to renewed price growth. We believe if you’re in the market to buy, now is the time.
Do you need factual, unbiased information. This is where to find it. Please give Lisa a call at 905-442-5847 to find out exactly what is going on with the market in your, specific neighbourhood.
