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Week 38: Toronto Condos move in positive direction to close out 2020 while houses continue to perform well

[ ] Week 38!! 

Is this the condo comeback we’ve been waiting for or a bump before another drop? That is the question. Forget average price here as we had an unusual number of small small small units dominate the sales count this week. But we had a bunch of small small small units sell! Meaning, buyers are back at it and are absorbing all of those units that have been sitting stagnant. If this keeps up we’ll be under 3000 available units for the first time since mid July and that’s a great thing for anyone trying to sell a condo. The window of opportunity for Buyers  in condoland could be closing as we speak.  

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House Average Price: $1,408,205
House Median Price: $1,310,786
531 Active Listings
87 Firm Sales This Week
Months of Inventory (MoI) ~ 1.65
Average Days on Market ~ 11.66 DoM

 

Condo Average Price: $686,062
Condo Median Price: $620,000
3046 Active Listings
121 Firm Sales This Week
MoI ~ 5.31
Average Days on Market (DOM) ~ 23.28

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Smooth sailing here with both condos and houses moving as they have been for the past 38 weeks. Average price is back to a normal level after last week’s massive sales skewed the numbers a bit. Sales this week ranged from $1.2 for an entry level semi in Lawrence Park up to $4.7 for a nicely designed Forest Hill home. I expect no major swings in this area as we close out 2020. 

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House Average Price: $2,557,286
House Median Price: $2,425,000
172 Active Listings
14 Firm Sales This Week
Months of Inventory (MoI) ~ 2.96

 

Condo Average Price: $1,256,600
Condo Median Price: $1,152,500
330 Active Listings
10 Firm Sales This Week
MoI ~ 7.05

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Listings of houses and condos are down here as well continuing the theme of the last three weeks. Prices of houses continue to improve rewarding home sellers and making buyers bend over backward to get what they want. Condos also remain stable here as well with some of the lowest months of inventory and most stable prices. 

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House Average Price: $1,721,500
House Median Price: $1,724,000
51 Active Listings 
6 Firm Sales This Week 
Months of Inventory (MoI) ~ 1.58 

Condo Average Price: $764,848
Condo Median Price: $636,940
240 Active Listings
8 Firm Sales This Week
MoI ~ 4.78

Seven out f the 8 sales were bungalows this week. Developers and entry level buyers are out in full force buying these gems up. Half of them will be $2.5m mini-mansions in 10 months and the other half, lived in and enjoyed for many years to come as is. Birchcliff is turning out to be quite the awesome community with liveable homes you can snag for as low as the mid to high $800’s. 

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House Average Price: $885,939
House Median Price: $865,000
28 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.

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