What did the real estate market do in April?

Posted by Brandon Polsinello on Thursday, May 7th, 2020 at 8:44am

What did the real estate market do in April?!

We’re in very strange times and as you can imagine, many people are interested in how all the things we are experiencing are impacting our housing market…

Hey, this is Brandon Polsinello with the Polsinello Team at RE/MAX…

In this video we’re going to take a look at the Toronto Real Estate Board numbers for York Region Simcoe County and Durham Region…

and at the end of this video talk a little bit about what we are seeing in the market and what we expect to start seeing…

So for York Region, what did the numbers look like…

Well, in April there were 436 total sales for an Average Sale Price of around $968,499…

the average Sale Price VS List Price was 97% and the Average Days on Market was 22…

How does this compare?

Well to last April, it’s a 70% decrease in the number of sales - there were 1,468 sales in April 2019…but we are still up 6% on the Average Sale Price…the Average Sale Price was $913,195…

Month-to-Month we also see a decrease from March - the number of sales was down 69% from March and the Average Sale Price down 6.7% from $1,038,598…

Moving into Simcoe County…

There were 118 sales on the Toronto Real Estate Board for the month of April

and the Average Sale Price was $634,731 

the Average Sale Price VS List Price was 97% and the Average Days on Market was 33…

when comparing, you’re going to see much of the same thing we saw in York Region…

Compared to last April which had 312 sales - we are down 62%

but again, we are up 6.5% on Average Price - last year in April the Average Sale Price for Simcoe County was $593,337…

Month-to-Month when compared to March, we are again seeing a drop in the number of sales - down 56.6%…with the Average Sale Price also down slightly from $657,299 - that is a 3.4% decrease…

Now looking at Durham Region…

There were 513 sales in Durham Region for the month of April

and the Average Sale Price was at $612,563…

the Average Sale Price VS List Price was 99% and the Average Days on Market was 17.

How does this compare? 

Well, last April there were 1,075 sales which represents a 52% decrease in the number of sales…

The Average Price is essentially changed from April 2019…which was $612,195…

Month-to-Month, sales in March were 1,101 which represents a 53.4% decrease when compared to April’s sales…

The Average Price did drop 6.6% from $656,211 in March…

So what does this all mean?  

At this time I think it’s still a little too early to say…prices Month-over-Month have seen a decline but we are still up Year-over-Year…

The longer the lockdown down goes on could definitely have an impact on pricing-that’s just common sense…

But that being said, we have seen a noted increase in buyer activity both online and in-person showing traffic and we do expect sales volume to start trending up again as municipalities and regions start to begin easing lockdown restrictions….

Also, people are always going to make decisions based on their needs - so which ever direction this goes…if we loosen things up or we stay locked down - we adapt as humans and we find a way to move our lives forward…

If you are empty nesters with a plan to downsize and that thirty eight hundred square foot home was too big for you before the lockdown - it’s still to big for you now

If you’re a growing family with two adults and three children and that fifteen hundred square foot townhome was too small for you before the lockdown - it’s definitely still too small now…

People are going to find away to meet their needs…

If you have any questions about these numbers, how were able to service our clients in these changing times or would like a more property specific idea of value feel free to connect with us over social media, visit our website or give us a call at 905-830-9111….

Have an awesome day

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