Don’t let the numbers confuse you!
The April 2021 market watch report by TRREB released last week is the first time we could make a year-over-year comparison in a pandemic-hit market. The lockdown started in April 2020 resulting in a massive drop in sales numbers. As a result, this year we see over 300% sales increase in most home types.
For a better understanding of the market situation, we compared April numbers with those of the previous month.
Detached homes category indicated 1,322 sales with an average price of $1,699,756 (36% increase from last year). However, when compared to March 2021, the average price growth has slowed down by one percent to 2.9%. The number of sales has also decreased by 8.8%, while the number of active listings got 15.8% higher.
Semi-detached homes reached $1,308,799 with 19.4% Y/Y increase. The number of sales grew by 3.4% compared to March 2021. The number of active listings has also increased by 19.4% over the month.
The average selling price of a condo increased by 2.7% over the last month reaching $727,137. The number of sales decreased by 12.9%. Nevertheless, it has surpassed last year’s number by 372.4%, meaning condo sales have fully recovered and improved significantly since the pandemic started.
Townhouses have slightly grown(0.4%) in selling prices which is now $1,216,657. The number of sales and active listings followed a similar dynamic to other home types, with a 5.4% decrease and 18.7% growth, respectively.
The number of active listings has grown over 15% in all home types bringing more inventory. However, the average price growth and the number of sales remain strong, leaving the market remains in sellers’ favour.