Quite the exciting month with approximately 20% of the sales going over the asking price. Let's call it an extremely HOT market!
Although sales volumes were down about 4% from a year ago with 220 sales, this month 44 homes & condo apt/THs sold above the list price. That's incredible and that helped the average time it took to sell drop by 5 days to 25 days. Obviously we have a supply shortage but more homes are now starting to hit the market.
Were you to look at the last 3 year average sale price for a detached 2-storey home (the most common type) you can see we have been hovering the $900,000 mark as follows;
2014 2013 2012
$912,000 $951,000 $886,000
And by averaged detached 2-storey it means exactly that. I did not distinguish between 3, 4, 5 or more bedrooms, nor did I consider the number of garage spaces; ie. single, double or triple...
Interestingly the average price for a detached bungalow was $795,000 less than 15% less. There were 17 sales this month.
The rental market moved along nicely with 49 leases slightly lower than last Feburary's 55 leases.
The best 5 year mortgage money was 19 basis points more expensive than last year at 3.19% while the variable mortgage rate was a low 2.50%.
Expect this pace to continue this month!
