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Stats: Sales to active ratio:
- May 2024 = 26%
- Detached homes = 20%
- Condos = 24%
- Townhomes = 51%
- Lower than last month =27%
- Lower than May 2023 = 31%
- Lower than 5yr May average = 33%
- Lower than 10yr May average = 32%
- **Buyer’s market = <12% / Balanced market = 12%-20% / Seller’s market = >20%**
Sales:
- May 2024 = 53
- Higher than last month = 51
- Same as May 2023 = 53
- Lower than the 5 yr avg = 72
- 26% Lower than 5 yr avg
- Lower than the 10 yr avg =64
- 17% Lower than 10 yr avg
Inventory:
- May 2024 = 206
- Higher as last month =191
- Higher than May 2023 = 169
- Lower than the 5 yr avg = 240
- Lower than the 10 yr avg = 216
In a nutshell
Sales were lower than the May average, but they were the same as last May. Inventory is slightly lower than the May average, but higher than May last year. So even though the sales volume was the same, the inventory was higher this May, so the market as a whole is not as strong as May last year. BUT, the recent rate cut has started to kick start the market again.