Detached

While new listings did improve, inventory levels remained relatively low at 2,409 units, causing the months of supply to drop to just over one month. Prices in most districts remain below previous monthly highs, but recent gains in both the North and South East have supported full price recovery in those areas. The median price in March was 12.3% higher than in the last March.

Semi-Detached

Steady gains in sales caused first-quarter sales totals to reach nearly record highs for this property type. Improving new listings were not enough to offset the sales and the months of supply fell below two months for the first time since 2014. The median price in March was 1.7% higher than last year.

Row

Echoing the results of other property types, sales activity for row properties has risen far above long-term averages. However, it is the first time since 2014 that the month of supply has fallen below three months. The row-property market has taken longer to see tighter conditions, but the recent tightening is starting to have a more significant impact on price. The row median price was 2% higher than last year.

Apartment

For the third month in a row, sales activity was stronger than the previous year. New listings also rose and are causing some inventory gains. Despite the inventory gains, sales have been far better than levels seen over the past six years and the months of supply did trend down to the lowest March levels since 2014. Unfortunately, the median price of $230,000 was the same as in March 2020.