March sales on the Toronto Real Estate Board were up 7% over March of 2013. But the interesting point was that at mid-month, sales in 2014 were just even to last year. But over the last two weeks of the month, sales were 13% ahead of the same period last year. Weather certainly played a role. At the same time, a lack of active listings, 10% lower than last year, has also slowed the market. A survey of our own agents showed that for every listing taken, they had four times as many buyers.
Similarly, condo sales were 6% higher this March over March of last year. The downtown condo market underperformed the overall market as sales were 5% lower than in March of 2013. However over the first three months, year-to-date condo sales downtown were still 6% ahead of last year. While there is some concern about an oversupply of active listings, they are up only 5% versus last year. And new listings coming on the market are up just 1% from a year ago. The Etobicoke Waterfront is improving. Sales are up by 20% and active listings are down by 19%. We appear to be hitting a balance in this market which has been weaker than most.
Results from the first two weeks of April confirm that the spring market is stronger than last year. Overall sales are 10% higher than a year ago. Condo sales are up by 11%. New listings this year continue to trail those of a year ago by 3% which is still a drag on the market. However the biggest concern is a potential oversupply in the condo market. In March, 32% more condos were sold in the new construction market than on MLS as resales. Investors must believe more than the media in the long term future of a market that will more than double in size within four years. Given that most of the future supply will be smaller units, the strategy for current condo owners is to trade up now to bigger condo units as this is the market segment with the biggest price upside