April Resales Activity "Moderate"

Resales activity for April '08 was described as "moderate" by the Toronto Real Estate Board in its latest market report, but looking at the numbers, we see:

• number of transactions down 7% from April '07 overall
• in Toronto, the number of transactions was down 10%
• outside Toronto, the number of transactions was down only 5%

The bright side is that this still being described as a seller's market because:

• prices are up 5 to 6% over the same period last year
• while listing inventory is up 7% from a year ago, days on market is shorter (27 vs 30)
• lastly, the market saturation ratio has been trending down since the beginning of the year (translation: demand outpacing supply, from 3.14 months of inventory to 2.8 months of inventory).
  

Reference (for all the gory details):

• GTA resale housing market moderate in April, but prices up