May 2023 Newsletter
Sunday May 07th, 2023
Hold onto your hats, folks! The real estate roller coaster is picking up speed and showing no signs of slowing down. So, if you've been sitting on the fence about buying or selling, it's time to buckle up and dive right in. Trust me, you don't want to miss out on this wild ride.
Need some proof? Check out my recent listing at 90 Niagara Street, which sold faster than you can say "bidding war!" Here are the stats that'll knock your socks off:
DAYS ON MARKET: 9
SOLD: $162,000 Over List price
SOLD: 122% Of List price
Now that's what I call a real estate frenzy! But what's happening in the rest of the Toronto market? Well, the Toronto Regional Real Estate Board (TRREB) has just published its sales data for April 2023. With 7,531 home sales reported, transactions were down 5.2% year-over-year, but don't let that fool you!
Housing market conditions are tighter than a pair of skinny jeans after Thanksgiving dinner. The 11,364 new listings for April are a whopping 38.3% decline from the previous year, and the 10,373 active listings represent a nail-biting 1.38-month supply heading into May.
The average selling price was $1,153,269 – 7.8% lower than the previous year, but up 4% from March. The MLS Home Price Index (HPI) Composite Benchmark was down 12.1% year-over-year (-10.3% in Toronto), but it's climbing up from a month earlier. And here's a fun fact: the share of sales for homes priced below $1,000,000 increased to 50.1% in April 2023, compared to 43.9% in 2022.
Now, let's talk prices by housing type (cue the drumroll, please): Detached homes sold for an average of $1,489,258 (-8.3% YoY /+1.4% MoM); semi-detached homes fetched $1,135,599 (-9.8% /+4.4%); townhomes went for an average of $986,121 (-3.2%/ +5.4); and condos, well, they averaged $724,118 (-8%/ +2.9%).
The average sale took place in just 17 days on the market (down from 19 days in March) and at a jaw-dropping 103% of the listing price. That's the second month in a row where the average sale price exceeded the average listing price. Talk about a sizzling market!
With demand for home ownership skyrocketing and available homes for sale more elusive than a leprechaun riding a unicorn, we're seeing a renewed upward pressure on housing prices. Buyers have shrugged off higher borrowing costs and are jumping on lower sale prices from a year earlier. The million-dollar question is: Can supply keep up with the insatiable demand?
So, my friends, if you're thinking about buying or selling, there's no time like the present. Grab your favorite four-leaf clover, hop on the real estate roller coaster, and let's see where this wild ride takes us!