In May we had big time sales compared to last year with 9,989 houses and condominiums changing hands in all the districts. Although the second lowest number since 2013, these numbers are up 29% over 2018.
Condo townhouse and high-rise suites took a lower 32.9% share of the market with 3,285 units being sold.
The May average sale price for all GTA homes came in at $838,540 – up a very surprising 3.6% from one year ago. This average is now down just 2.7% from the average market high back in May 2017.
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 May compared to historical numbers was lower by 4.3% compared to last year at this time but up 11% from April.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and is 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 May, that ratio finished at 49.9% - about 13% above last year. The GTA overall has moved slightly more into moderate seller market territory so buyers and 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 19 days, the same as April.
Here’s a snapshot summary of the significant real estate milestones for Toronto in May 2019… sales up big time compared to 2018.
- May sales up 29.4% compared to last year (9,989)
- The ratio of sales-to-listings dropped slightly to 49.9% in May
- The average sale price came in at $838,540– up a positive 3.6% compared to last year
- Note that this overall market average was just 2.7% lower than the highest-ever average 2 years ago in May 2017
- The GTA real estate market overall averaged the days-on-market at 19 – one day faster than last year
- Detached home sales in May 2019 with a purchase price over $2,000,000 were up 31% (260 houses) while condo apartment sales over $2M were up 21% (17 suites)
- The CONDO share of the market dropped slightly to 32.9% during the month
- Downtown condo active listing numbers were flat in C01 and up in C08 by 9% from last year at this time
- May condo sales were down 8.8% in C01 and up by 11.2% in C08 compared to 2018
- The downtown condo days-on-market average was 15-16 days – 3-4 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was closely matched in C01 (70.2%) and in C08 (72.6%) but still much higher than in the overall market.
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 3.8 to 5.9% year-over-year… slower than at any time in 2018 but still loads above the whole board average.
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – however sales have increased dramatically in May compared to 12 months ago
- Now that we’re near the end of the ‘traditional’ spring market, expect sales to slow slightly and inventory to pick up more as we progress through the summer market - buyers should watch for more pricing opportunities to get the condo or house of their dreams.
Here's the complete text version of the May 2019 Toronto Real Estate Market Report to read.
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