You can see the video below from my Facebook post but if reading is more your thing, you can read a summary right here.
Hello and Happy Easter, everyone! Sorry to bother you during the Holiday, however, itโs time for Week 6 Real Estate Stats with some very interesting context to all the numbers youโve been seeing out there.
๐ There were a total of 15 houses sold in the urban communities of Toronto this past 7 days (down from 81 in week 1 with an average price of $1,171,933 down 18.4% from March 1-8.
๐Thatโs a huge decline in activity and sale price but most notably for the first time during Covid times there were ZERO $1.5M+ sales. ๐ด
๐Right now it seems as though the average price of these urban homes is being dragged down by the lack of activity in the luxury price point of $1.5M++ as homes in the $900K to $1.5 range seem to be selling for prices youโd expect (most of the time) prior to Covid uncertainly
โ๏ธIโd bet weโll see a pretty flat if not a slight up-tic when I report next Sunday.
๐ขCondos are falling in line with houses with only 29 sales this past week and we saw a flatline in the $1M++ price point with only 5 last week and now for the first time ZERO this week.
๐The average condo price $690,586 is a tiny increase from last week and a 16.6% decrease from Week 1 where there a whopping 35 $1M++ sales.
๐Drilling down in the $500K-$800K price point there was loads of activity with many of the lower end units selling over asking in record time.
๐I havenโt seen much change in price of any condos $500-$700K or houses in the $900-$1.2M range. That shows in the flat average price week over week. We should see that again next week.
โ For now it seems as though houses below $1.5M are selling and so are condos under $700K.
๐ โโ๏ธThe accessible luxury price point of $1M plus for condos and $1.5M+ for houses seems to have dried up completely.
Comment below for more context if anything is confusing. DM if you’re too shy ๐
