Available Downtown Toronto Condo Listings Reach New Highs
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 well…as always..trying to time the market (on the buy or the sell) doesn’t work. House prices shouldn’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: “be greedy while others are fearful”…so who’s buying with me?
📈House Average Price: $1,403,196
📈House Median Price: $1,300,000
📈682 Active Listing
📈108 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.85
📈Average Days on Market ~7 DoM
📈Condo Average Price: $801,370
📈Condo Median Price: $675,000
📈3316 Active Listings
📈114 Firm Sales This Week📈MoI ~ 5.23
📈Average Days on Market (DOM) ~ 40
𝗨𝗿𝗯𝗮𝗻 𝗡𝗼𝗿𝘁𝗵: 𝗥𝗼𝘀𝗲𝗱𝗮𝗹𝗲, 𝗗𝗲𝗲𝗿 𝗣𝗮𝗿𝗸, 𝗠𝗼𝗼𝗿𝗲 𝗣𝗮𝗿𝗸, 𝗙𝗼𝗿𝗲𝘀𝘁 𝗛𝗶𝗹𝗹, & 𝗟𝗮𝘄𝗿𝗲𝗻𝗰𝗲 𝗣𝗮𝗿𝗸
Nothing to see here folks…just a boring flat line week over week. New listings and sales didn’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 I’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 market’s. Houses under $3m may find some competition still (especially under $2.5m).
📈House Average Price: $2,596,364
📈House Median Price: $2,057,500
📈225 Active Listings
📈22 Firm Sales This Week
📈Months of Inventory (MoI) ~ 3.6
📉Condo Average Price: $1,560,000
📉Condo Median Price: $1,600,000
📉353 Active Listings
📉11 Firm Sales This Week
📉MoI ~ 7.12
𝗟𝗲𝗮𝘀𝗶𝗱𝗲 & 𝗗𝗮𝘃𝗶𝘀𝘃𝗶𝗹𝗹𝗲
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.
📈House Average Price: $1,945,420
📈House Median Price: $1,960,100
📈70 Active Listings
📈10 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.75
📉Condo Average Price: $938,998
📉Condo Median Price: $919,000
📉256 Active Listings
📉11 Firm Sales This Week
📉MoI ~ 4.93
Don’t get too excited about that drop in median price. There were a handful of “land value” sales this past week that dragged that stat down. The $700-850K homes are usually not liveable in the lower range there. They’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.
📈House Average Price: $1,005,313
📈House Median Price: $860,500
📈30 Active Listings
📈8 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.34
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