Market Update Alert! 🏡📈

April 2024 saw a dip in home sales compared to the temporary resurgence in market activity witnessed in April 2023. However, the rise in new listings year-over-year provided increased choice for home buyers, keeping the average selling price relatively stable compared to last year. 📉💼

Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – down by five per cent compared to April 2023. New listings, on the other hand, surged by an impressive 47.2% over the same period, offering more options for potential buyers. 📊🏘️

While sales edged lower on a seasonally adjusted monthly basis, new listings continued to rise compared to March. The MLS® Home Price Index (HPI) Composite benchmark showed a slight decrease of less than one per cent year-over-year, while the average selling price saw a modest increase of 0.3% to $1,156,167. 📉💰

On a seasonally adjusted month-over-month basis, both the MLS® HPI Composite and the average selling price experienced slight increases of 0.4% and 1.5%, respectively, compared to March. 📈💼

Are you wondering what this means for the value of your home? DM us @boltonandclements, and we'll provide you with expert advice on what this means for you specifically. 🏡🔍

Yours in real estate,

Bolton & Clements Real Estate Group