𝗗𝗼𝘄𝗻𝘁𝗼𝘄𝗻 & 𝗦𝘂𝗿𝗿𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗨𝗿𝗯𝗮𝗻 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝗶𝗲𝘀
[Insert DJ air horn here!!!] Active listings have dropped by nearly 700 units over 6 weeks bringing us to Week 28 inventory levels. With months of inventory dipping to a COVID record low of 4.54, there seems to finally be a light at the end of the tunnel for condo sellers. We’ve definitely seen way more showings on our listings and we’re starting to sell them.
I feel as though the bulk of the price adjustment has already happened in condoland. We’re starting to see quality inventory disappear while demand remains relatively stable (if not increasing). Condo sellers should be experiencing more showings.
Condo buyers should start to see serious discounts slowly disappear. Houses continue to sell extremely well with an alarmingly low MoI of 1.24 months.
📈House Average Price: $1,416,646
📈House Median Price: $1,253,725
📈465 Active Listings
📈87 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.24
📈Average Days on Market ~ 15.79 DoM
📈Condo Average Price: $691,244
📈Condo Median Price: $620,000
📈2859 Active Listings
📈133 Firm Sales This Week
📈MoI ~ 4.54
📈Average Days on Market (DOM) ~ 27
𝗨𝗿𝗯𝗮𝗻 𝗡𝗼𝗿𝘁𝗵: 𝗥𝗼𝘀𝗲𝗱𝗮𝗹𝗲, 𝗗𝗲𝗲𝗿 𝗣𝗮𝗿𝗸, 𝗠𝗼𝗼𝗿𝗲 𝗣𝗮𝗿𝗸, 𝗙𝗼𝗿𝗲𝘀𝘁 𝗛𝗶𝗹𝗹, & 𝗟𝗮𝘄𝗿𝗲𝗻𝗰𝗲 𝗣𝗮𝗿𝗸
Months of inventory dropped significantly here with condos finally under 6 months. Prices didn’t seem to be all that affected with the higher MoI of previous weeks so we should see some gains here as buyer demands seems to remain unchanged.
Note that this is the 6th week in a row of decreased house and condo supply. Houses, with an average days on market of 44.6, you aren’t likely to be in competition on most of the more expensive homes but homes under $2m will usually have a few people at the offer table.
Condos spend much longer on the market than houses here and competition is usually not a thing but you’ll get an extra special unit that attracts multiple buyers from time to time.
📈House Average Price: $2,815,600
📈House Median Price: $2,125,000
📈146 Active Listings
📈13 Firm Sales This Week
📈Months of Inventory (MoI) ~ 2.17
📉Condo Average Price: $1,053,850
📉Condo Median Price: $903,500
📉303 Active Listings
📉10 Firm Sales This Week
📉MoI ~ 5.68
𝗟𝗲𝗮𝘀𝗶𝗱𝗲 & 𝗗𝗮𝘃𝗶𝘀𝘃𝗶𝗹𝗹𝗲
There is so much demand for houses in these communities with such little inventory it’s becoming a problem. Most houses are selling well within 7 days with more than one buyer at the table. MoI tells us that this area is severely undersupplied so if you have a house now is still an excellent time to sell it.
Condos have also seen a consistent decrease in available listings and subsequent drop in MoI. Prices remain relatively stable for condos and we’re seeing many units that have previously been sitting stagnant, start to sell. A good sign for sellers and a window of opportunity slowly closing for buyers.
📈House Average Price: $1,795,800
📈House Median Price: $1,790,000
📈50 Active Listings
📈5 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.32
📉Condo Average Price: $601,430
📉Condo Median Price: $566,500
📉220 Active Listings
📉10 Firm Sales This Week
📉MoI ~ 4.33
Some renovated homes sold this week bringing the average price up to over a million where Birchcliff seems most comfortable. A big drop in available homes for sale here and stable buyer demand will ensure prices continue to edge up as we close out 2020.
MoI is under one month for the first time in the history of Birchcliff.
Wow. I haven’t seen sub one month of inventory in any community in my entire real estate career. Competition for anything finished is almost a guarantee here. Watch out for 2021, folks. Birchcliff is about to go off the charts.
📈House Average Price: $1,171,929
📈House Median Price: $1,080,000
📈21 Active Listings
📈7 Firm Sales This Week
📈Months of Inventory (MoI) ~ .89
As always, please comment below, DM, or call/text 416-434-1511 if any questions.