February Had The 2nd Lowest Number of Sales Since 2001

By: Thomas Cook

February Had The 2nd Lowest Number of Sales Since 2001

Sales were down 2.4% for February compared to last year with 5,025 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2009 and the 2nd lowest since 2001, 18 years ago.

Condo townhouse and high-rise suites took a significant 37.3% share of the market with 1,876 units being sold.

The February average sale price for all GTA homes came in at $780,397– this was a very modest 1.6% increase from one year ago.

The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of February compared to historical numbers increased by 3.3% but were flat compared to last year at this time.

This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.

The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market. 

In February, that ratio finished at 37.8% - slightly below last year.  The GTA overall is barely into seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.

The days-on-market average for GTA / Toronto homes was 25 days, 8 days faster than January. 

Here’s a snapshot summary of the significant real estate milestones for Toronto in February 2019… it looks like we are close to mirroring last year’s sales results.
 
Expect sales and inventory to pick up as we progress into the spring market in March through May/June where listings and buyers are most active - buyers should watch for more pricing opportunities to get the condo or house of their dreams.


Watch the video to get the complete February 2019 Market Report details.


Here's the complete text version of the February 2019 Toronto Real Estate Market Report to read.


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