What is “the truth about the May 2017 Housing “Stats-in-the-city”??
Well, let me lay it out for you!
As expected, the Fair Housing Plan that came out on April 20th, did nothing to cool this market in terms of rising prices. But then, we knew that, because the Liberals did nothing to address the cause of rising prices….you know, supply and demand!
Last May (2016) is a unique month to compare results against. Why? Because May 2016 generated the HIGHEST average sale PRICES in the history of reporting from the Toronto Real Estate Board. Not only that, but May 2016 reported the LOWEST INVENTORY in TREB’S history as well. See how those 2 facts are inextricably linked? I’m hopeful that one day, the government will connect those dots too.
Here is your executive summary of the facts about May 2017:
*Sales decreased by 20% compared to May 2016, compared against the HIGHEST sales month on record
*New listings rose by 49% (I helped with that stat!); however, some of those are properties that did not sell on offer date and were RE-LISTED at new prices. There was a psychological effect on the gov’t’s plan as buyers sat back a little and often let offer dates pass before they jumped back in.
*Total listings rose by 43% …again, compared to the LOWEST inventory on record in May 2016
*Key to all of this, is that the seller’s market still reigns as we have LESS THAN 2 MONTHS OF HOUSING STOCK IN THE CITY.
*SALE PRICES DID NOT RETREAT! Average Sale prices rose by 15% to $864K
*And average days on market is still only 11 days! 27% faster than last year. That is still warp speed folks!
*CONDO SALES dipped by 4% but average sale PRICES ROSE by 28% in the city…you know, that more “affordable” housing stock.
BOTTOM LINE?
Following the results of May 2017, we expect another good month to transpire in June and then the seasonal “norm” will kick in for the summer months when sales and prices “ease” somewhat. And unless something draconian occurs we anticipate that Fall 2017 will chug along rather nicely.
In the meantime, I urge you to have your Property Properly Priced, in the event you are thinking of selling anytime soon. Sellers should NOT be thinking of attracting LOTTERY PRICES for their homes these days. Buyers are attracted to homes that are priced in the FAIR MARKET VALUE range and are NOT prepared to pay 30 to 40% over the asking price. So Do it once! Do it Right! Call me!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.