The latest numbers are in for your Toronto real estate market!
As you can see in this PDF and in the video, I’ve provided the year-to-date numbers for each month from 2020, but today I’ll highlight the month-over-month changes from April to May.
- The number of sales increased by 54.8% from 2,975 to 4,606
- The number of active listings increased by 8.4% from 10,561 to 11,448
- The months of inventory decreased by 30% from 3.5 to 2.5 months
- The average price increased 5.1% from $821,000 to $864,000
- The average days on market increased by 33.3% from 24 to 32 days
What do these numbers mean? Since six months of inventory is considered a balanced market, we’re in a strong seller’s market with just a 2.5-month supply. There is a lot of demand and not much product, which is putting upward pressure on prices—a trend I believe we’ll see throughout the rest of 2020. It’s taking more time to sell properties, but that’s to be expected considering the COVID-19 safety guidelines everyone must follow. At 3:00 in the video, you can see that year over year, our months of inventory have increased. At this time in 2019, we only had a two-month supply.
If you have questions about these numbers or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m here to help.
