May 2019 GTA Real Estate Market Report Summary
Summer is arriving and Toronto’s real estate market is heating up! Sales across the Greater Toronto Area rose in May, helped by an increase in the number of listing available.
“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors,” said TREB President.
Here is how the GTA real estate market fared in May:
Numbers across the board increased in GTA’s real estate market in May. The number of homes sales rose from 9,042 in April to 9,989 in May. The average price increased slightly to $838,540 on average. The biggest jump was in the number of active listing. Toronto has been struggling with a tight market for the past few months but that is starting to change. In April, there were only 18,037 active listings, but that rose to 20,017 in May.
Richmond Hill’s real estate market reflected the broader market trends. The average sale price increased, as did the number of sales. There were more listings in the neighborhood, increased from 925 in April to 1,047 in May. Only average days on the market remained the same at 19.
Price per Home Type
Detached homes in the GTA saw a modest increase in terms of the sale price and the number of units sold. Detached homes sold for an average of $1,018,147 in April, but jumped up to $1,042,218 in May. Richmond Hill detached units dropped a bit, but the number of units increased from 21 to 135!
Semi-detached homes saw a price increase across the GTA, however, they sold on for a lower price on average in Richmond Hill compared to April. There were more semi-detached units sold in May than April, rising to 1,019.
Townhomes saw a decent increase both in terms of the number of units sold and the average sale price. In April, townhomes sold for $583,148, but that jumped to $601,636 in May. There was also a rise in the number of townhomes sold in May, increasing to 743 from 671 the month previous.
Condos have been the driving force behind Toronto’s real estate market the past few years. The numbers remain high, but there was only small growth in this sector from April to May. The average sale price of a condo in the GTA only rose from $588,168 to $590,876. There were a few more units sold in May, rising to 2,542.
The GTA’s housing market is regaining its footing and remains strong as we enter the summer months. If you’re looking to buy or sell your Richmond Hill home contact us to get in touch with one of our amazing real estate agents!
“We are experiencing annual rates of price growth that are largely sustainable right now in the GTA – above the rate of inflation, but in the single digits. If, however, we continue to see growth in sales outstrip growth in new listings, price growth will accelerate,” TREB Chief Market Analyst.