Week 18: Sales Volume at pre-covid levels in Urban Markets
Houses are back to pre-covid sales volume while condos are still selling at about 50%.
Condo prices are stable and appreciating in some buildings and houses are seeing week over week price gains in many urban communities.
Week 18 Video Below! This week rather than just spit data at you, we’re just gonna talk shop. Plus I’ve been absolutely slammed with something pretty exciting I’m going to share with you on August 1st 🙂
The Story of The Toronto Urban Real Estate Market has been an interesting one and definitely one I’ll be writing a book about one of these days!
Well, Week 18 started off a little slow as people took time to enjoy a strange mid-week Canada Day Holiday. So that’s why sales volume is down a bit week over week.
Sales volume is pretty much at pre-COVID levels for houses (with 82 last week) but down about 50% for condos.
Prices are generally stable across the board but the one thing that is getting to be a concern is the number of condo listings now at over 2000. That’s up by about 500 units over a 3-4 week period. If you’re in the market for a condo then your journey should be a little less stressful than those house buyers out there now.
Just tonight there are 27 offers on an $899K house in Leslieville that’s worth more like $1.2’ish.
It’s clear that the demand right now is almost insatiable for houses but a lot more balanced for condos.
One thing to note is that the $3.5M++ market is booming. The money is flowing into that sector as I’ve never seen.
I was making an offer on a $4.39M home in South Rosedale last week and after 30 days on the market, 2 other offers materialized. We’re seeing this over and over again in the luxury market
Anyway, that’s it for this week. Tune in again next week, same bat time, same bat channel. I’ll find a way to make these more interesting as I don’t think I’m going to stop 🙂 The Spring Team Real Estate