February’s market numbers are out! And the media is all over one number in particular – a 35% drop in home sales. However, some news outlets aren’t clarifying what this drop actually means. This drop is referring to the number of property transactions in comparison to February 2017.
Last year, the GTA saw 7,955 real estate transaction in February. And this year, the GTA saw 5,175 real estate transactions in February – this is the 35% drop the media is headlining.
However, what they aren’t mentioning is that, in layman’s term, last year our market was roaring and people were buying and selling like real estate was going out of style. Having over 5,175 real estate transactions over one month is a sign of a healthy market. It’s also worth mentioning this number of sold properties is up 12% from February 2016.
Sale prices have dropped 12% across the GTA, with the year-over-year average selling price hitting $767,818(this is for all home types combined). It’s important to differentiate the GTA by region as average selling prices vary. Which brings us to the average selling price for Central Toronto – $892,378. That’s a pretty big difference than the GTA average – a $124,560 difference!
For a more detailed breakdown of Central Toronto and c01 area (Trinity Bellwoods, Little Italy, Dufferin Grove, Queen/King West) average sales by housing type see the infographics below.
So what does this all mean for buyers and sellers? We are currently in line for a steady and healthy year in the real estate market.