Spring Realty Monthly Market Update #1
There is a light at the end of the tunnel and it’s called Spring, the season that is. It is our professional opinion that the main cause of this mild winter was the hot Real Estate market. Mother nature just didn’t have a chance against the sizzle created by multiple offers and low interest rates.
The Toronto Real Estate Board (TREB) has just released their February numbers. It is of no surprise to us that the arrows are pointing up, way up.
There were 927 Detached homes sold in the 416 in February achieving an average price of $818,815 that’s up 13% from last February and up 10% over last Month. The 283 Semi Detached homes averaged $585,325 and show similar increases with 12% increase from last year (2011) and up 11% from last month. Finally, TREB reported 1212 Toronto Condos sold in February averaging $371,334, up 4% from last year and 8% from last month.
An interesting trend to keep an eye on are those Buyers who once upon a time required detached homes seem to be compromising and going for the local semi’s. This new found demand is driving semi detached house prices up.
February was a busy month for Spring Realty. We managed to win a bid for a nice couple on their very first purchase and quickly sold two of our newest listings!