I hope everyone is staying well and healthy during this trying time. I wanted to reach out to you to wish you and your family well and to give you a brief update on what occurred in the Residential Real Estate Market in the GTA throughout the month of March.
The first two weeks of March started out extremely strong prior to the overall market slowing down due to the obvious reasons of the spread of COVID-19. Prices were up for the month, over 14%, and sales volume up over 11%.
Active listings are down over 30% which will partially reflect those sellers taking their homes off the market, due to today's current environment. Months of Inventory continues to stay in Seller's Market territory with just over one month of inventory of homes for sale.
We expect to see fewer homes coming to market and fewer buyers entering the market as we all continue to deal with COVID-19. When considering buying or selling it is important to stay engaged in what is occurring in today's marketplace and to be prepared for when things begin to turn around. In closing, know that I am here to assist you with your real estate needs and questions.
As Realtors, we were listed as an essential service, however, we are taking all the necessary steps to keep everyone safe and healthy during this time. I ask that we all take the much needed steps when it comes to Social Distancing and only leaving your home if absolutely necessary. We all need to participate when it comes to getting through this pandemic quickly and as safely as possible.
I wish you well and I look forward to connecting with you soon.