๐๐ผ๐๐ป๐๐ผ๐๐ป & ๐ฆ๐๐ฟ๐ฟ๐ผ๐๐ป๐ฑ๐ถ๐ป๐ด ๐จ๐ฟ๐ฏ๐ฎ๐ป ๐๐ผ๐บ๐บ๐๐ป๐ถ๐๐ถ๐ฒ๐
[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. Weโve definitely seen way more showings on our listings and weโre starting to sell them.
I feel as though the bulk of the price adjustment has already happened in condoland. Weโre 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.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,416,646
๐House Median Price: $1,253,725
๐465 Active Listings
๐87 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.24
๐Average Days on Market ~ 15.79 DoM
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $691,244
๐Condo Median Price: $620,000
๐2859 Active Listings
๐133 Firm Sales This Week
๐MoI ~ 4.54
๐Average Days on Market (DOM) ~ 27
๐จ๐ฟ๐ฏ๐ฎ๐ป ๐ก๐ผ๐ฟ๐๐ต: ๐ฅ๐ผ๐๐ฒ๐ฑ๐ฎ๐น๐ฒ, ๐๐ฒ๐ฒ๐ฟ ๐ฃ๐ฎ๐ฟ๐ธ, ๐ ๐ผ๐ผ๐ฟ๐ฒ ๐ฃ๐ฎ๐ฟ๐ธ, ๐๐ผ๐ฟ๐ฒ๐๐ ๐๐ถ๐น๐น, & ๐๐ฎ๐๐ฟ๐ฒ๐ป๐ฐ๐ฒ ๐ฃ๐ฎ๐ฟ๐ธ
Months of inventory dropped significantly here with condos finally under 6 months. Prices didnโt 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 arenโt 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 youโll get an extra special unit that attracts multiple buyers from time to time.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $2,815,600
๐House Median Price: $2,125,000
๐146 Active Listings
๐13 Firm Sales This Week
๐Months of Inventory (MoI) ~ 2.17
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $1,053,850
๐Condo Median Price: $903,500
๐303 Active Listings
๐10 Firm Sales This Week
๐MoI ~ 5.68
๐๐ฒ๐ฎ๐๐ถ๐ฑ๐ฒ & ๐๐ฎ๐๐ถ๐๐๐ถ๐น๐น๐ฒ
There is so much demand for houses in these communities with such little inventory itโs 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 weโre 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.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,795,800
๐House Median Price: $1,790,000
๐50 Active Listings
๐5 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.32
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $601,430
๐Condo Median Price: $566,500
๐220 Active Listings
๐10 Firm Sales This Week
๐MoI ~ 4.33
๐๐ถ๐ฟ๐ฐ๐ต ๐๐น๐ถ๐ณ๐ณ
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 havenโt 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.
๐House Average Price: $1,171,929
๐House Median Price: $1,080,000
๐21 Active Listings
๐7 Firm Sales This Week
๐Months of Inventory (MoI) ~ .89
As always, please comment below, DM, or call/text 416-434-1511 if any questions.
