There has been a lot of conjecture in the media about the condition of the real estate market in 2020. Things are looking promising as we head into the summer market, which we are predicting will behave more like a spring market.
As we have previously mentioned, all signs were pointing to an incredibly hot spring market in 2020. Sales were up 52% in the GTA during February alone. Following Ontario’s state of emergency declaration, we saw a knee jerk reaction in the market. Many Sellers and Buyers paused things during April to see how the market would react, and if they would be able to proceed with their sale or purchase safely.
Now that we have final numbers for May, we are happy to report it appears that the worst is over. Sales activity was up over 66%, and new listings increased by nearly 40% when we compare May to April 2020. Showing activity during the same period has increased by almost 300% for our brokerage.
We also carefully follow the length of time required to sell a property, and how closely homes sell to their list price, both are showing signs of improvement in May. The market in many areas is outperforming 2019, with the median sale price in Oakville up over ten percent.
While we might be seeing a lower number of trades in the market compared to 2019, the Buyers and Sellers in the market are serious. The overall trend for this summer’s market is going to be familiar to many GTA buyers past and present; a scarcity of inventory met with strong demand keeping the market moving during this challenging time.
If you have any questions about numbers specific to your community, just let us know. The data we use for these articles encompasses all the communities where our clients reside in the GTA.
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