Posted on
June 7, 2019
by
Warren Shouldice
Sales growth in May along with a decline in new listings helped to ease pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year. Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May. Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes prices under $500,000. Citywide benchmark prices totalled $424,600 in May. While prices have shown some signs of improvement month-over-month, they still remain four per cent lower than 2018 levels.
Quick Stats:
| |
May. 2018
|
May. 2019
|
Y/Y% change
|
|
Detached
|
|
|
|
|
Total sales
|
1,059
|
1,182
|
11.61%
|
|
Inventory
|
4,504
|
3,921
|
-12.94%
|
|
Months of supply*
|
4.25
|
3.32
|
-22.00%
|
|
Average DOM
|
40
|
50
|
24.35%
|
|
Benchmark price**
|
$507,800
|
$487,900
|
-3.92%
|
| |
|
|
|
|
Attached
|
|
|
|
|
Total sales
|
384
|
424
|
10.42%
|
|
Inventory
|
2,030
|
1,893
|
-6.75%
|
|
Months of supply*
|
5.29
|
4.46
|
-15.55%
|
|
Average DOM
|
51
|
61
|
20.95%
|
|
Benchmark price**
|
$333,900
|
$316,800
|
-5.12%
|
| |
|
|
|
|
Apartment
|
|
|
|
|
Total sales
|
282
|
315
|
11.70%
|
|
Inventory
|
1,924
|
1,653
|
-14.09%
|
|
Months of supply*
|
6.82
|
5.25
|
-23.09%
|
|
Average DOM
|
59
|
70
|
17.61%
|
|
Benchmark price**
|
$255,600
|
$248,200
|
-2.90%
|
*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.
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