May home sales have set a new record. If you are thinking of selling now is the time!
Home sales set new all-time record in May
- Residential sales up 9.3% in May 2016 compared to a year earlier.
- New listings in Ontario numbered 40,432 units in May 2016, a decrease of 7.9% compared to last year.
- The provincial average price of homes in May 2016 rose 12.8% compared to a year earlier.
- There were just 1.9 months of inventory at the end of May 2016.
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 27,914 units in May 2016, up 9.3% from a year earlier.
Newly Listed Units
New listings on the MLS® Systems of real estate boards in Ontario numbered 40,432 units in May 2016, a decrease of 7.9% from a year earlier.
Average House Price
The provincial average price for homes sold in May 2016 was a record $547,860, rising 12.8% from a year earlier.
Months of Inventory
There were 1.9 months of inventory at the end of May 2016, down from 2.9 months from the same time one year ago. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales to New Listings Ratio
The Ontario sales-to-new listings ratio was 71.4% in April 2016. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.