03 Nov 2020
Week 35: Condo Prices Dip to New Lows While Houses Pick Up A Little Steam
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A serious bite has been taken out of available house & condo listings this week which is a COVID first. For the first time since march the 1st the number of available condo listings dropped by over 100 units. Does this mean the condo market has improved? Absolutely not, but if we can stack a few weeks of this trend together, then that’s a different story. Fingers crossed. But again…it’s all about borders. Once they open..POP! Another first here is that there were 30% more houses sold last week than condos.
House Average Price: $1,435,904
House Median Price: $1,227,800
611 Active Listing
127 Firm Sales This Week
Months of Inventory (MoI) ~ 1.65
Average Days on Market ~ 11.66 DoM
Condo Average Price: $688,147
Condo Median Price: $646,000
3293 Active Listings
97 Firm Sales This Week
MoI ~ 5.31
Average Days on Market (DOM) ~ 22.57
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Months of inventory has dropped to under 3 for the third time during COVID proving once again that the appetite for houses is still very strong in higher end markets. Condo inventory remains relatively unchanged and Seller should experience a fairly balanced selling process while those with houses to sell are still in the driver’s seat in most cases. If you’re going from condo to house then you’d better sell first here. If you’re going house to condo…go ahead and sell first as you’ve got many options to choose from when you buy.
House Average Price: $2,673,630
House Median Price: $2,600,100
200 Active Listings
13 Firm Sales This Week
Months of Inventory (MoI) ~ 2.96
Condo Average Price: $752,000
Condo Median Price: $667,000
360 Active Listings
7 Firm Sales This Week
MoI ~ 7.05
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House inventory here has decreased once again to 1.58mths. That’s an extremely low number which firmly roots most house sellers in the driver’s seat. You’re likely in multiple offers on any house here. If you’re going from condo to house you’d better make sure that condo is sold first as that’s going to take you a while. Condo MoI also dropped a little but not anything significant.
House Average Price: $2,015,974
House Median Price: $2,068,000
60 Active Listings
19 Firm Sales This Week
Months of Inventory (MoI) ~ 1.58
Condo Average Price: $769,111
Condo Median Price: $810,000
241 Active Listings
9 Firm Sales This Week
MoI ~ 4.78
Strong, safe, and stable once again in Birchcliff with no major changes in activity or price. Still strong demand here and we only see that improving as folks get more comfortable being away from their beloved urban centre. Only 11kms from King and Bay so it’s more accessible than people think.
House Average Price: $1,008,688
House Median Price: $835,000
32 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.38
As always, please comment below, DM, or call/text 416-434-1511 if any questions.
