After a long snowing winter, the spring market is heating up

Last month we passed the one-year anniversary of the peak of housing prices and while the news may be preoccupied with the 17.9% year-over-year decline in GTA housing prices we’re more concerned with what buyers and sellers like you are working with today.

Has the housing market come full circle? One statistic is pointing to that conclusion.

Last month saw a typical increase in homes hitting the market from the previous month but inventory remains very low. We saw significantly fewer transactions as well in February but one statistic give us a clue that competition is heating up. Days on market are declining indicating buyers are getting more aggressive.

In fact, on the street, we’re seeing a significant increase in homes selling in multiple offers and average days on market dropping significantly something we’ll be keeping an eye on in the coming weeks.

Here are the stats for Markets Across the GTA in February 2023.

Durham February Market Watch Snapshot TRREB Data by Brian Stanton

Toronto & York Region February Market Watch Snapshot TRREB Data by Brian Stanton

Cobourg Port Hope February Market Watch Snapshot TRREB Data by Brian Stanton

THE BOTTOM LINE

FOR BUYERS: You can still make a conditional purchase and while competition is heating up in some markets for certain properties there lots of opportunities to find the home you want at good value. If you’re contemplating a buy and are on the sidelines there are a couple important first steps. Reach out and we can help you get the ball rolling.

FOR SELLERS: Now is a great time to sell your home. With more buyers entering the market and competition heating up you can benefit from the limited supply. You’ll want to consult with a realtor to determine how to make your move and how to best prepare your home so you get top dollar. Reach out to Jim and he'll help you get started