March 2024 home sales were lower than March 2023, a result due in part to the statutory holiday Good Friday falling in March this year versus April last year.
Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s levels.
The MLS(R) Home Price Index (HPI) Composite benchmark was up by 0.3% year-over-year. The average selling price was up by 1.3% to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS(R) HPI Composite was up by 0.2% and the average selling price was up 0.7% compared to February.
There were 6,560 sales in March 2024 - down by 4.5% compared to March 2023. On a seasonally, adjusted basis, sales were down 1.1%.
New listings were up by 15% over the same period. New listings were down by 3% compared to February.
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To a Good Life!
Sam Chaim
RE/MAX Realtron Realty Inc.
(416) 543-7252
sam@samchaim.ca
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