[๐—ฉ๐—ถ๐—ฑ๐—ฒ๐—ผ ๐—•๐—ฒ๐—น๐—ผ๐˜„] Week 25! Birch Cliff still holds the top spot as Torontoโ€™s most in-demand and best performing community from East to West. Itโ€™s the only community to record a decrease in active listings despite a 3x increase in number of sales (sales volume). Houses are performing well everywhere and condos are hit or miss right now. Some buildings are getting multiple offers and seeing for huge numbers. While you canโ€™t even give them away in other buildings. Itโ€™s really hard for me to generalize here so if youโ€™re transacting in the condo space then we should talk privately. 

Torontoโ€™s unemployment rate of 14.7% has been increasing month over month is a bit of a concern still. Although the majority of home buyers seem to be largely unaffected and we arenโ€™t seeing too much panic selling outside of a few condo buildings at the moment so I suspect weโ€™ll see an improvement in that percentage as we head into Fall. 

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป

Sales Volume increased again for both condos and houses which is nice to see because weโ€™re also seeing listing numbers increase (despite the sales volume). Available urban houses surpassed 500 units this past week. A number we havenโ€™t seen in a few months. This could mean weโ€™re on a path to a mare balanced market. If youโ€™ve recently bought or are in throws of it you know how competitive it is. This should be good news for you! 

Numbers Aug 16th to 22nd

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€ 

๐Ÿ“ˆHouse Average Price: $1,366,001
๐Ÿ“ˆHouse Median Price: $1,295,000
๐Ÿ“ˆ514 Active Listing
๐Ÿ“ˆ95 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.47
๐Ÿ“ˆAverage Days on Market ~7 DoM

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€ 

๐Ÿ“ˆCondo Average Price: $802,96
๐Ÿ“ˆCondo Median Price: $720,500
๐Ÿ“ˆ2562 Active Listings
๐Ÿ“ˆ143 Firm Sales This Week
๐Ÿ“ˆMoI ~ 4.42
๐Ÿ“ˆAverage Days on Market (DOM) ~35

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป ๐—ก๐—ผ๐—ฟ๐˜๐—ต: ๐—ฅ๐—ผ๐˜€๐—ฒ๐—ฑ๐—ฎ๐—น๐—ฒ, ๐——๐—ฒ๐—ฒ๐—ฟ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐— ๐—ผ๐—ผ๐—ฟ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐—™๐—ผ๐—ฟ๐—ฒ๐˜€๐˜ ๐—›๐—ถ๐—น๐—น, & ๐—Ÿ๐—ฎ๐˜„๐—ฟ๐—ฒ๐—ป๐—ฐ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ

Similar story to last week without much change here. Sure weโ€™ve got some downward movement in house and condo average/median pricing but thatโ€™s a typical slow down for these communities at the end of Summer. We should see another week of relatively weak numbers and an uptick in about 2-3 weeks here. Days on market for condos is something to watch here as itโ€™s approach gin 6 mths. For me the 6mth threshold is an important one. Hey at least weโ€™re not Miamiโ€ฆthey have a 2.5yr inventory. Thatโ€™s not a typo. 

๐Ÿ“ˆHouse Average Price: $2,230,136
๐Ÿ“ˆHouse Median Price: $1,960,000
๐Ÿ“ˆ178 Active Listings
๐Ÿ“ˆ18 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 4.09

๐Ÿ“‰Condo Average Price: $1,057,615
๐Ÿ“‰Condo Median Price: $1,110,000
๐Ÿ“‰287 Active Listings
๐Ÿ“‰13 Firm Sales This Week
๐Ÿ“‰MoI ~ 5.1

๐—Ÿ๐—ฒ๐—ฎ๐˜€๐—ถ๐—ฑ๐—ฒ & ๐——๐—ฎ๐˜ƒ๐—ถ๐˜€๐˜ƒ๐—ถ๐—น๐—น๐—ฒ

Another area where weโ€™ve got an uptick in active listings along with an uptick in sales volume. More than double the sales of houses this week but 5 more available listings. Seems like Sellers are finally waking up to the big numbers homes are being sold for and testing the waters. There will come a time when the market is well supplied and things cool. Just a normal cycle that weโ€™ve seen since 2009. Condos however have maintained a relatively low supply so the increase is less noticeable. 

๐Ÿ“ˆHouse Average Price: $2,030,252
๐Ÿ“ˆHouse Median Price: $2,080,000
๐Ÿ“ˆ55 Active Listings 
๐Ÿ“ˆ13 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.17  

๐Ÿ“‰Condo Average Price: $726,931
๐Ÿ“‰Condo Median Price: $725,000
๐Ÿ“‰177 Active Listings
๐Ÿ“‰9 Firm Sales This Week
๐Ÿ“‰MoI ~ 2.94

๐—•๐—ถ๐—ฟ๐—ฐ๐—ต ๐—–๐—น๐—ถ๐—ณ๐—ณ

The majority of the sales were sub $1m two-bedroom homes that needed work so thatโ€™s why the average and medial were lower this week. Inventory remains extremely low and Sellers firmly rooted in the driverโ€™s seat most of the time. 

๐Ÿ“ˆHouse Average Price: $1,119,550
๐Ÿ“ˆHouse Median Price: $965,250 
๐Ÿ“ˆ20 Active Listings 
๐Ÿ“ˆ10 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.23 

[๐—ฉ๐—ถ๐—ฑ๐—ฒ๐—ผ ๐—•๐—ฒ๐—น๐—ผ๐˜„] Week 25! Birch Cliff still holds the top spot as Torontoโ€™s most in-demand and best-performing community…

Posted by The Spring Team Real Estate on Tuesday, August 25, 2020

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