Buyers Are Back In The Toronto Real Estate Market
Friday Jun 19th, 2020Share
In the video I will give you all the updates related to real estate in Greater Toronto. We’ll be looking at four different graphs related to average prices, months of inventory, volume of sales, and days on market.
The first graph in this video shows the numbers of sales, months of inventory, average price, and days on market. The number of sales decreased from March to April, and then increased in May to 4606 sales. The months of inventory in May, was 2.5 months, which was a 30% decrease than in April 2020.
The average price was highest in Feb 2020, with the average home selling for $910,000. In April 2020, the average price was $821,000, and this increased by 5.1% in May, with the average home selling for $864,000. Surprisingly, the days on market for homes sold in May were 32, which is 33.3% higher than in April 2020.
May 2020 had 53.9% less sales than in May 2019. This was due to the fewer number of listings, and that we had far less buyers looking for homes due to the circumstances with COVID.
The good news for sellers is, prices are still higher than what they were last year! In March 2020, the average price was 14.5% higher than what it was in March 2019… and in May 2020, the average price was $864,000, which was 3% higher than what it was in May 2019.