May sales up almost 55% from April - listings increased by 47% in the same period

By: Thomas Cook

May sales up almost 55% from April - listings increased by 47% in the same period

In May, at the height of the traditionally busy spring market, sales were undoubtedly the lowest they’ve ever been since maybe the 1960s with a 54% drop from last year with just 4,606 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suite sales were down by 58% with a 30% share of the market and just 1,371 units being sold.  This however is a 50% jump over April 2020 sales!
 
The May average sale price for all GTA homes came in at $863,599, up about $40,000 from the month before and a 3% increase compared to 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 May compared to historical numbers was lower by a huge 43% compared to last year at this time.
 
It’s clear that the coronavirus has hit our market hard… both buyers and sellers have been intimidated by the threat of possible virus transmission although showing numbers are improving as we go along.
 
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.
 
While in April that ratio dropped dramatically to 28.2% indicating an almost neutral market, May came in at 40.2% which is edging into moderate seller market territory.
 
The days-on-market average for GTA / Toronto homes was 24 days, 5 days slower than April.

Here’s a snapshot summary of the significant real estate milestones for Toronto in May 2020 as the coronavirus took a hold on our economy.

Watch the video to get the complete May 2020 Market Report details.


Here's the complete text version of the May 2020 Toronto Real Estate Market Report to read.


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