MarketWatch report for March, 2015

April 6, 2015 - Toronto and GTA / Greater Toronto Area Realtors® today released the resale residential MarketWatch report for March, 2015, which showed continued strength in terms of both number of sales reported and average sale price, almost across-the-board.

No doubt the continued tight inventory plays a large part in this "Seller's Market": Total Active Listings continue to trail year-earlier figures, down 7.5% versus March 2014.

The total number of MLS® sales of all housing types in all Toronto Real Estate Board areas rose 11.0% in March to 8,940 units compared to March, 2014's 8,052 units. The overall average sale price rose an even 10% from $557,982 to $613,933 [All figures year-over-year, unless otherwise noted.]

Taking that Total Active Listings figure and dividing it by the Total Sales we get an indicated "Forward Inventory" of just 1.71 months. That figure last year was already relatively "tight" at 2.05 months.

While Condominium Apartment sales were strong in all areas, the average selling price was up 4.3% - a respectable gain, but relatively weak compared to Freehold Residences.

Looking more closely at the numbers, sales of Detached homes in Metro Toronto were up 4.3%, to 1,050, at an average sale price of $1,042,405 - an increase of 15.9%. March sales of Detached homes in the balance of the GTA were up 17.3%, to 3,421, at an average price of $709,116, up 10.0%.

Those Condo Apartment sales were up 13.5% in Toronto and up 10.8% in the balance of the GTA. Average selling price rose 3.3% to $398,337 in the former, and 6.7% to $310,156 in the latter, for an overall increase of 4.3% as noted above.

The only "soft" numbers in the report were for sales of the Semi-Detached group which fell 5.3% in Toronto and 2.5% in the rest of the GTA. Average selling prices showed good gains for the "Semis", though, at +9.2%.

Homes "sold 4.8% faster" this March compared to last March at 20 Days On the Market ["DOM"] compared to 21 days one year ago.

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