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Week 21: If you own a condo and don’t have to sell…don’t!

[ ] Have the past 6 months felt like 10yrs to anyone else? We’re so lucky to have been away for most of Feb…who knew that we’d be locked down taking on the role of all things for months and months. 

Good thing I have real estate as a distraction otherwise I’d go even crazier than I already am. The one awesome thing about these times is I proved to myself that I’m more than just a pretty face. (because I know you’re all jealous of my mug)

My business actually improved during COVID. Thanks to my awesome clients and those of you who are seeing the value in what I’ve been doing. Love you and thank you! Now let’s get into it! (FYI – going to announce something totally cool and unexpected next week so stay tuned!)

Now buckle up because shit’s getting intense out there and you need this info to be prepared. 

Remember, below are the figures for our Downtown and Urban Communities. Charts on other communities I’m tracking are below

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House Average Price: $1,548,086
House Median Price: $1,400,000
408 Active Listings
110 Firm Sales This Week
Months of Inventory (MoI) ~ 1.36
Average Days on Market 7 DoM

‘ 13.6% which is over 2% higher than last month. This is something to monitor. Very important to drill down and see where these losses are happening. For now, the typical home buyer isn’t affected en masse. 

Seem extremely slow at the moment with what seems like a ton of new listings however looking at MoI, we’re at an all-time COVID low with 4.25 so I’m a bit confused as to why the condo market feels as soft at the moment. I think what it is, is that we’re so used to things selling in 0-7 days that if we hit 20 days on market we start to panic a little. Time to stop that! 

Condo Average Price: $805,812
Condo Median Price: $740,000
2189 Active Listings
171 Firm Sales This Week
MoI ~ 4.25
Average Days on Market (DOM) – 30

Urban North: Rosesale, Deer Park, Moore Park, Forest Hill, & Lawrence Park

House Average Price: $2,884,479
House Median Price: $2,460,750
171 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 3.4

Condo Average Price: $1,564,730
Condo Median Price: $1,234,400
236 Active Listings
10 Firm Sales This Week
MoI ~ 6.3

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Leaside & Davisville

House Average Price: $1,934,807
House Median Price: $2,050,000
44 Active Listings
15 Firm Sales This Week
Months of Inventory (MoI) ~ 1.26

Condo Average Price: $780,632
Condo Median Price: $655,000
136 Active Listings
21 Firm Sales This Week
MoI ~ 2.89

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Birch Cliff

Remember, I stopped tracking condos here a couple of weeks ago as there aren’t enough sales consistently. People tend to not be selling as often but rest assured this area will start to achieve $1000/PSF in no time.

House Average Price: $1,229,600
House Median Price: $966,000
29 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 1.61

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https://www.facebook.com/torontorealtor/videos/10158029537389892

As always, please comment below, DM, or call/text 416-434-1511 if any questions.

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