Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of May 2020.
Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019. While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1% year-over-year decline reported for April 2020.
The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104. On a month-over-month basis, actual new listings were up by 47.5%
Year-Over-Year Summary :
The overall average selling price in May 2020 is increased by 3% with an average of $863,599 which was $838,248 in May 2019.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.