22 Oct 2020
Week 33: Influx of House Listings Gives Buyers Some Breathing Room & Smart Investors are Buying Everything.
[ ] Week 33!
Houses continue to perform well but if you’re a seller the top of the market has come and gone in most communities. Still some big numbers on some sales that are surprising however most Sellers should manage their exceptions and be prepared to not receive as much action on offer night as we’ve been seeing up until the end of September. Prices are still extremely high and stable but listing strategies may be to be adjusted to reflect the decreased activity. Condos continue to suffer almost across the board. Once borders open up they will come back. Anyone who bets against the Toronto condo market long term will lose. Many amazing buying opportunities are available right now. Some 20-30% discounts available on some product.
House Average Price: $1,455,790
House Median Price: $1,275,000
701 Active Listing
89 Firm Sales This Week
Months of Inventory (MoI) ~ 1.85
Average Days on Market ~7 DoM
Condo Average Price: $763,857
Condo Median Price: $675,000
3364 Active Listings
119 Firm Sales This Week
MoI ~ 5.23
Average Days on Market (DOM) ~ 40
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Huge sales this week skew the numbers a bit but provide further proof that big money is out there and buying aggressively. $9.5m sale with just 4 days on market then a $6.4m home sold in just 12 days with all other big sales selling in less than 30 days in most cases. Condos continue to move with sales increasing this week. I don’t see any major swings on the horizon for these communities as new listings seem to be meeting buyer demand sufficiently and some sellers are even in the driver’s seat here with a few over asking sales in both houses and condos.
House Average Price: $3,757,423
House Median Price: $3,200,000
219 Active Listings
13 Firm Sales This Week
Months of Inventory (MoI) ~ 3.6
Condo Average Price: $1,308,176
Condo Median Price: $955,000
353 Active Listings
17 Firm Sales This Week
MoI ~ 7.12
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Steady as she goes here again with no real drama to report. Listings are well supplied here but still not quite enough for all the buyer demand under $1.8m with the majority of sales under $2.5m going asking. Not a ton of “deals” available here but stay tuned as that might change as we head into the winter. So many unknowns heading into a difficult season which deep into a 2nd wave of Covid. Condos are steady here with the average lowered due to some micro unit sales on Roehampton. We should see that number spike back up next week as some high priced listings set to sell this coming week.
House Average Price: $1,831,543
House Median Price: $1,750,000
74 Active Listings
9 Firm Sales This Week
Months of Inventory (MoI) ~ 1.75
Condo Average Price: $761,644
Condo Median Price: $602,000
256 Active Listings
9 Firm Sales This Week
MoI ~ 4.93
Only 4 sales this week and 6 more listings added to the pile but prices remain high and buyer demand remains at an all time high as well. I expect Birchcliff to resist any downward pressure on pricing in the coming months. Sold buys here still.
House Average Price: $1,078,750
House Median Price: $1,112,500
36 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 1.34
As always, please comment below, DM, or call/text 416-434-1511 if any questions.
