Back in February I noticed people begin to pay more attention to condos. In fact, when other Agents and Buyers were trash talking condos our clients were scooping them up. Why? Because there wasn’t any competition and we could feel that prices were on the rise. Economists can analyse, speculate, and report all they want but a successful real estate investment usually comes down to gut feel. The only way to fine tune the “gut” is to be on the ground selling real estate every day. Our collective gut said: “BUY” and we did.
The condo market has been trending upward for months now. Much like houses, and town houses, condos have shown significant gains month over month for about 7 months now with your average condo at $390,569. That’s up 7% from the beginning of this year.
The most impressive and telling statistic is the massive reduction of Days on Market (DOM). Down from 33 to 16 days on market. That means that condos are spending 50% less time on the market vs. the beginning of this year.
Sure, some dense condo communities in City Place and Liberty Village aren’t performing as well but they’re still selling much better than last year.
The Small and Mid-Rise condos are dominating the market with the most significant gains. You can expect this trend to continue in the coming years as Buyers begin to crave real neighbourhoods with mixed dwelling types vs. giant condo dominated areas (notice how I didn’t say communities).
I didn’t mention houses here because they continue to do very well. Of course they’re up across the board (broken record anyone?) and to get a detached home (if you can find one) in most communities is becoming increasingly difficult. Some homes in both the West and East are staying on the market longer and not attracting as many offers (aka bidding wars) so that’s a good sign for all you tired house Buyers out there.