Here’s what the latest numbers say about our Toronto market.
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.