Available Downtown Toronto Condo Listings Reach New Highs

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป

New house listings ticked up a little but so did sales so inventory remains low in the freehold market. Sellers still in the drivers seat MOST of the time but inventory is coming.

Sellers that have been trying to time the top are going to be coming to market soon and wellโ€ฆas always..trying to time the market (on the buy or the sell) doesnโ€™t work. House prices shouldnโ€™t come down but there will be a ton more options to feed buyer demand. Condo sales unfortunately decreased incrementally while also adding over 100 new listings.

Condos are still moving in the urban communities surrounding the core but the core is beyond saturated with more listings than I have seen in my 12 year real estate career. Some awesome buying opportunities there. You know what they say: โ€œbe greedy while others are fearfulโ€โ€ฆso whoโ€™s buying with me? 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€ 

๐Ÿ“ˆHouse Average Price: $1,403,196
๐Ÿ“ˆHouse Median Price: $1,300,000
๐Ÿ“ˆ682 Active Listing
๐Ÿ“ˆ108 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.85
๐Ÿ“ˆAverage Days on Market ~7 DoM

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€ 

๐Ÿ“ˆCondo Average Price: $801,370
๐Ÿ“ˆCondo Median Price: $675,000
๐Ÿ“ˆ3316 Active Listings
๐Ÿ“ˆ114 Firm Sales This Week๐Ÿ“ˆMoI ~ 5.23
๐Ÿ“ˆAverage Days on Market (DOM) ~ 40

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

Nothing to see here folksโ€ฆjust a boring flat line week over week. New listings and sales didnโ€™t change much and the average price increase was mainly due to a load of sales in the higher price points.

As you can see with condos with a median of $1.6 that we had a lot of big ticket sales bringing those numbers up. Overall Iโ€™m still not concerned about this area with condos at over 7 months of inventory. Condos typically move slowly here and are well supplied.

Houses are still selling very well but a little more balanced than the urban marketโ€™s. Houses under $3m may find some competition still (especially under $2.5m). 

๐Ÿ“ˆHouse Average Price: $2,596,364
๐Ÿ“ˆHouse Median Price: $2,057,500 
๐Ÿ“ˆ225 Active Listings
๐Ÿ“ˆ22 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 3.6

๐Ÿ“‰Condo Average Price: $1,560,000
๐Ÿ“‰Condo Median Price: $1,600,000
๐Ÿ“‰353 Active Listings
๐Ÿ“‰11 Firm Sales This Week
๐Ÿ“‰MoI ~ 7.12

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

Both Condos and Houses continue to be in demand here with some condo demand dwindling. Houses under $2M are performing very well but expect some more listings to feed the demand here in the coming months. 

๐Ÿ“ˆHouse Average Price: $1,945,420
๐Ÿ“ˆHouse Median Price: $1,960,100 
๐Ÿ“ˆ70 Active Listings 
๐Ÿ“ˆ10 Firm Sales This Week 
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.75 

๐Ÿ“‰Condo Average Price: $938,998
๐Ÿ“‰Condo Median Price: $919,000
๐Ÿ“‰256 Active Listings
๐Ÿ“‰11 Firm Sales This Week
๐Ÿ“‰MoI ~ 4.93

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

Donโ€™t get too excited about that drop in median price. There were a handful of โ€œland valueโ€ sales this past week that dragged that stat down. The $700-850K homes are usually not liveable in the lower range there. Theyโ€™re bought by developers and end users who turn around and create the $1.2+++ homes. Activity is up slightly here with a couple more sales with new listing inventory stating flat at 30. 

๐Ÿ“ˆHouse Average Price: $1,005,313 
๐Ÿ“ˆHouse Median Price: $860,500
๐Ÿ“ˆ30 Active Listings 
๐Ÿ“ˆ8 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.34 

As always, please comment below email ara@thespringteam.ca, DM, or call/text 416-434-1511 if any questions.

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