March 2009 Real Estate Market Update

March 2009 had 23,642 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to March last year, where 20,533 properties had been listed for sale.

The result has been that the average time for a home to remain on the market was about 40 days. This is up 10 days compared to March of 2008 because of the increased inventory and the current market conditions.

Although the number of sales was down 7% from March of 2008, this represented the smallest decline in the last five months when comparing last year to this years numbers with the Greater Toronto Area recording 6,171 sales in March 2009. When comparing home prices, the average price for a home in March of this year was 362,052. This is down less than 5% compared to March 2008.

The current market conditions have resulted in fewer sales and lower home prices, but as we can see from these numbers, the Toronto Real Estate market has done fairly well in these difficult economic times. The market real estate market continues to have a reasonable number of transactions. Even with current market conditions, buyers and sellers were interested in making a deal.

With the springtime here, the housing market will typically experience more sales activity and it's a buyers market as we are seeing lower prices and more choice.

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Call Leif Kalaas - Your Right at Home Realty Inc. Realtor