March 2021 – a story of inventory and market velocityMarch completed the GTA’s 2021 Q1 real estate story record sales numbers, price appreciation and market pace. Comparing March 2021
MARKET STATS FOR FEBRUARY 2021
Dated: April 5 2021
FEBRUARY 2021 MARKET STATS
High demand absorbs inventory at record pace in February 2021
February 2020 was our last full month before COVID-19 hit and what many thought could have been our last productive month of 2020. What happened next is one of the biggest surprises in GTA real estate history – a boom year in sales and price appreciation. February 2021 is continuing the trend. In pre-pandemic February 2020, sales were up by 45.6% over the previous year with units selling at a rate of 1,674.5 per week. That pace coupled with the month’s active listings, down by 33.6% from the previous year, resulted in a very tight 5.3 weeks of available inventory for buyers. In comparison, February 2021 sales were up by 52.5% over the previous year with units selling at a rate of 2,531.5 units per week. This February’s pace coupled with only 8,816 active listings, down 1% year over year for the period, resulted in a record high absorption rate of 3.5 weeks of inventory. Absorption Rate is usually expressed in months, not weeks, with 1 – 4 months of inventory classified as a Sellers’ market.
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