Good news by Chris Vecchio
March 2010 sales results for GTA recorded another steep jump and broke one more record. Toronto realtors made 10,430 sales via MLS, 69% up from March 2009 (6,171 sales) and almost one third up compared to the previous month (February 2010 sales reached number 7,291).
This means there were 22,418 items sold during the 1Q - the highest number ever reached under the current Toronto Real Estate Board boundaries!
The average price reached $434,696 ($427,948 for the 1Q) and the median price was $370,000, $53,500 more than in March 2009.
GTA market has been concerned about the insufficient flow of new listings, which has resulted in tighter competition and rising average price. However, this trouble seems to be resolved. There were 18,914 new listings coming in March, 42% more than in March 2009 and almost 50% more than in February 2010. Total number of listed items reached 18,684 items (from 14,514 items in February).
The inflow of new listings didn't prevent days on market indicator from reaching record lows. It takes 20 days on average to sell your home, instead of 40, required year ago. Indeed, GTA market has pretty fast pace. If you have found your dream home, do not hesitate for long, or you will find just the "Sold" sign next time you go around!