April 2023 GTA Real Estate Market Update: A Closer Look at the Numbers
Introduction:
The Greater Toronto Area (GTA) real estate market witnessed a decrease in sales and new listings in April 2023 compared to April 2022. GTA REALTORS® reported 7,531 sales through TRREB's MLS® System in April 2023, a 5.2% decrease compared to April 2022. Additionally, new listings were down by 38.3% year-over-year. Despite this, the average selling price increased compared to March 2023. In this blog post, we will dive deeper into the data and analyze the current state of the GTA real estate market.
Market Overview:
Sales: 7,531 units, down by 5.2% compared to April 2022
New Listings: 11,364 units, down by 38.3% compared to April 2022
Active Listings: 10,373 units, down by 20.8% compared to April 2022
Average Selling Price: $1,153,269, down by 7.8% compared to April 2022
Average Days on Market: 17, up by 54.5% compared to April 2022
Average Days to Sell: 24, up by 71.4% compared to April 2022
Sales and Average Price by Major Home Type:
In April 2023, the average selling prices for the major home types were as follows:
Detached: $1,489,258
Semi-Detached: $1,135,599
Townhouse: $986,121
Condo Apartment: $724,118
Year-over-year percentage change in sales and average price:
Detached: -3.1% sales, -8.3% price
Semi-Detached: -20.8% sales, -9.8% price
Townhouse: -9.8% sales, -3.2% price
Condo Apartment: 0.0% sales, -8.0% price
March 2023 vs. April 2023 Comparison:
Between March 2023 and April 2023, the average selling price increased by 4.03%. The price increase for individual categories was 1.41% for Detached, 4.38% for Semis, 5.39% for Townhouses, and 2.92% for Condos.
Conclusion:
The GTA real estate market in April 2023 experienced a decrease in sales and new listings compared to April 2022. However, the average selling price increased compared to March 2023, indicating potential signs of market stabilization. As we continue to navigate through the ever-changing real estate landscape, it's crucial for buyers and sellers to stay informed and make educated decisions based on the latest market data.
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This report was prepared by.
*** Source: TRREB Market Watch***
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Sami Chowdhury
Broker
RE/MAX Realtron Realty Inc., Brokerage
885 Progress Avenue, Suite 209, Toronto, Ontario, M1H 3G3
Direct: (647) 725-0606
Office: (416) 289-3333
Fax: (416) 289-4535
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