Is Our Market At A Turning-Point?

By: Thomas Cook

Is Our Market At A Turning-Point?

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.

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



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