Sales Down, Inventory Down, Prices Down (Except Condos!) - May 2018 Toronto Sales Stats!

May 2018 - 7,834 sales changed hands, an increase in sales compared with last month but a decrease from the high of last last year.

Average selling prices were down by 6.6% year over year. This due mainly to detached houses losing some value from their peak last Spring. That said prices are slowly starting to tick up again compared to the previous months of this year.

Condos are still gaining value year over year with large increases over last year. Unlike Traditional Houses the Condo market is very much in demand right now. Average condo values are up 6.5% in Toronto as inventory remains extremely low!

On that topic - Inventory is still very low on all fronts and Quality new listings are not lasting long on the market. Properly priced and staged condos are selling in 1-7 days and for top dollar.

Condos are now starting to increase in value by a higher percentage compared to houses. This represents a stark shift in the mind of the buyer. Condos are now viewed as the more realistic home choice for buyers to not only live and grow in but to get a foot hold into the Toronto market.

We're finding now that traditional detached or semi detached home owners are holding onto their homes and waiting for the prices to catch back up.

Now might be the perfect time to sell if you're a condo owner. Contact me to see if its the right choice for you!

Contact me for more details:  gaelen@gaelenpatrick.com or direct at 416-801-9265

Check out the full detailed report here...

http://communications3.torontomls.net/statistics/mwatch/2018/05/mw1805.pdf