๐——๐—ผ๐˜„๐—ป๐˜๐—ผ๐˜„๐—ป & ๐—ฆ๐˜‚๐—ฟ๐—ฟ๐—ผ๐˜‚๐—ป๐—ฑ๐—ถ๐—ป๐—ด ๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป ๐—–๐—ผ๐—บ๐—บ๐˜‚๐—ป๐—ถ๐˜๐—ถ๐—ฒ๐˜€

[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. Weโ€™ve definitely seen way more showings on our listings and weโ€™re starting to sell them. 

I feel as though the bulk of the price adjustment has already happened in condoland. Weโ€™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. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€ 

๐Ÿ“ˆHouse Average Price: $1,416,646
๐Ÿ“ˆHouse Median Price: $1,253,725
๐Ÿ“ˆ465 Active Listings
๐Ÿ“ˆ87 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.24
๐Ÿ“ˆAverage Days on Market ~ 15.79 DoM

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€ 

๐Ÿ“ˆCondo Average Price: $691,244
๐Ÿ“ˆCondo Median Price: $620,000
๐Ÿ“ˆ2859 Active Listings
๐Ÿ“ˆ133 Firm Sales This Week
๐Ÿ“ˆMoI ~ 4.54
๐Ÿ“ˆAverage Days on Market (DOM) ~ 27

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป ๐—ก๐—ผ๐—ฟ๐˜๐—ต: ๐—ฅ๐—ผ๐˜€๐—ฒ๐—ฑ๐—ฎ๐—น๐—ฒ, ๐——๐—ฒ๐—ฒ๐—ฟ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐— ๐—ผ๐—ผ๐—ฟ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐—™๐—ผ๐—ฟ๐—ฒ๐˜€๐˜ ๐—›๐—ถ๐—น๐—น, & ๐—Ÿ๐—ฎ๐˜„๐—ฟ๐—ฒ๐—ป๐—ฐ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ

Months of inventory dropped significantly here with condos finally under 6 months. Prices didnโ€™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 arenโ€™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 youโ€™ll get an extra special unit that attracts multiple buyers from time to time. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€ 

๐Ÿ“ˆHouse Average Price: $2,815,600
๐Ÿ“ˆHouse Median Price: $2,125,000
๐Ÿ“ˆ146 Active Listings
๐Ÿ“ˆ13 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 2.17

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€ 

๐Ÿ“‰Condo Average Price: $1,053,850
๐Ÿ“‰Condo Median Price: $903,500
๐Ÿ“‰303 Active Listings
๐Ÿ“‰10 Firm Sales This Week
๐Ÿ“‰MoI ~ 5.68

๐—Ÿ๐—ฒ๐—ฎ๐˜€๐—ถ๐—ฑ๐—ฒ & ๐——๐—ฎ๐˜ƒ๐—ถ๐˜€๐˜ƒ๐—ถ๐—น๐—น๐—ฒ

There is so much demand for houses in these communities with such little inventory itโ€™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 weโ€™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. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€

๐Ÿ“ˆHouse Average Price: $1,795,800
๐Ÿ“ˆHouse Median Price: $1,790,000
๐Ÿ“ˆ50 Active Listings 
๐Ÿ“ˆ5 Firm Sales This Week 
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.32 

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€

๐Ÿ“‰Condo Average Price: $601,430
๐Ÿ“‰Condo Median Price: $566,500
๐Ÿ“‰220 Active Listings
๐Ÿ“‰10 Firm Sales This Week
๐Ÿ“‰MoI ~ 4.33

๐—•๐—ถ๐—ฟ๐—ฐ๐—ต ๐—–๐—น๐—ถ๐—ณ๐—ณ

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 havenโ€™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. 

๐Ÿ“ˆHouse Average Price: $1,171,929
๐Ÿ“ˆHouse Median Price: $1,080,000
๐Ÿ“ˆ21 Active Listings 
๐Ÿ“ˆ7 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ .89 

As always, please comment below, DM, or call/text 416-434-1511 if any questions.

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