Spring Market in full Swing - February Real Estate Market Report

It's exactly one year since prices have peaked. And between February of 2022 and now, mortgage rates have gone up, real estate prices have fallen and a whole lot of other things have happened. But it seems like the market is changing - again.

What the F...ebruary?

I know it's often just gray, cold and snowy, but I like February. I get to celebrate my Birthday and it's a great month for Sellers! Buyers who are willing to climb snow banks to see homes must be serious and there is usually not a lot of inventory (aka competition) out there. Those factors have contributed to a faster paced market last month. We're seeing multiple offers again and properties selling over the asking price. The average price in all of York Region climbed from $1,285,583 in January to now $1,302,720. With the market picking up some serious speed, I expect to see some surprising numbers and a bigger uptick in March.

(Source TRREB Market Watch)

More Sales in shorter time

The average price in February in Aurora was $1,223,499. Of course that is significantly lower (-25%) that during the peak 12 months ago, but it's interesting to see that the average time to sell a property is already getting shorter: 29 Days in January, 26 Days in February. Also while in January only 32 properties have sold in Aurora, there were 55 Sales in February. The average price in Newmarket is $1,174,836 which is slightly higher than in the previous month. The average price in East Gwillimbury was $1,230,814 and $1,045,912 in Bradford.