Vaughan MLS re-sale activity rebounds in March

The latest residential real estate re-sale data in Vaughan.

March 2009 MLS Sold Statistical Summary for District N08 - Vaughan

Here are some highlights:

* Total Sales increased by 24%, compared to the same period in March 2008.
* Total Sales increased by 108%, compared to February 2009, unlike the change during the same period in 2008, which only saw an increase of 6%.
* Average months of inventory was 3.3 months compared to 3.4 months in March 2008. Average months of inventory decreased by more than double,  from 6.7 in February 2009.
* Average sale price of a detached home (by far, the most prominent class of homes in the District) decreased by 6% when compared to March 2008.

(Keep in mind, statistics can always be skewed due to outlier and anomaly data.)

The decrease in interest rates (to historical lows), the decrease in average prices, the increase in overall choice of inventory and the prevalence of a number of government home buyer incentives all appear to be driving this dramatic surge in buyer activity.  Most of these latter factors would point to heightened interest and entry of the first-time buyer.   In fact, this is consistent with the specific increase in towns and semi-detached buyer activity in Vaughan which saw marked increases in sales.

It will be interesting to monitor the Toronto Real Estate Board’s official results for the month of March 2009.   Based on my initial monitoring, the surge here in Vaughan is an overall anomaly when compared to the overall GTA.  It will be particularly interesting to note if this pattern in Vaughan is consistent with any other municipalities and what, if any, conclusions can be deducted from this.

As we proceed into the traditionally robust Spring period, we’ll see if there is a continuing “Wind in Vaughan’s Sales” (pun intended)

The Toronto Real Estate Board will release results for March 2009 in the coming week.

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