Apr 14 | Posted by Barry Cohen

March was a strong month for home sales, which resulted in record-breaking numbers during the first quarter of 2016. If you’re considering selling your home; the next few months could be the best time to do so. 

10,326 home sales were reported through the Toronto Real Estate Board’s MLS® system during the month of March, which represented a 16.2 per cent increase over home sales made at this time last year. Thriving home sales in March contributed to a record first quarter in Toronto Real Estate home sales, as there was a year-over-year growth rate of 15.8 per cent. 

While home sales increased year-over-year and record numbers were reported during the first quarter of 2016, the same cannot be said for new homes entering the Toronto market. Fewer new listings entered the Toronto Real Estate Board’s MLS® system compared to this time last year during both March and the first quarter of 2016.

This isn’t necessarily bad news if you’re selling your home or if you’re considering selling your home in the next few months. Quite the opposite actually. The increase in sales and limited number of homes available has created a very competitive market for buyers and placed sellers in a very advantageous position.

With more potential homebuyers and fewer homes available on the market, sellers have benefited with an increase in selling price for all home types. The average selling price increased by 12.1 per cent in March compared to this time last year, while the average selling price of homes sold during the first quarter jumped 13.6 per cent compared to the first quarter of real estate in 2015. 

It’s currently a sellers market in the GTA. There are a limited number of listings available to buyers, which has fuelled a competitive real estate market for people looking to move. If you’re considering selling contact the Barry Cohen Group to get a great price on your home.