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April Real Estate Stats Update

Thursday May 12, 2022

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April is historically a busy, busy month in the industry as it is right in the middle of the Spring market. Lots of sellers and buyers enter the market during this time – all parties eager to make a move and close before summer holidays.

With the many newsworthy articles about the industry, lets breakdown our area to understand these headlines a little better. See below!

1054 sales took place during the month of April. Of those 1054 sales, 649 were detached homes, 142 were freehold town/semis, 111 were condo towns and 146 condo apartments. Average sale price for April sat at $1,017,363, which is a drop from March 2022. So where is this drop in average sale price coming from?

It isn’t in detached homes in our areas! Detached home average sale price is up 7.25% month over month. But, freehold towns/semis, condo towns and condo apartments are all down in terms of average sale price.

Have a look at the numbers below:

April 2022 Numbers

Average Sale Price = $1,017,363 (1054 sales)
Detached = $1,164,134 (649 sales)
Freehold Town & Semis = $918,378 (142 sales)
Condo Towns = $818,391 (111 sales)
Condo Apartments = $637,788 (146 sales)

March 2022 Numbers

Average Sale Price = $1,085,339 (1296 sales)
Detached = $1,110,270 (813 sales)
Freehold Town & Semis = $968,850 (181 sales)
Condo Towns = $862,936 (121 sales)
Condo Apartments = $687,729 (168 sales)

We started to see month over month sales drop off at the beginning of 2022 but this is the first time (since June of 2020) that we have seen prices start to drop off.

On top of prices starting to fall, the market is cooling and interest rates are going up – all of these things are true. But, there are buyers still out there! And now they are able to be much more selective when it comes to picking their next home.

Have the tables finally turned? Not just yet! There are great properties in certain pockets still getting multiple offers and selling over their asking price.

Have any real estate questions or want to know what this means for your home? Reach out to us today by clicking here or calling 905 332 9223.

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