Now for the 8th week in a row, weโve had a massive drop in available condos for sale across the board. Most notably in the downtown and surrounding areas. Freehold (aka houses) inventory is at dangerously low levels across the board in most price points. But the most notable areas with seriously limited supply are the Downtown & Urban Communities as well as Birchcliff. With Leaside & Davisville a close 2nd.
๐๐ผ๐๐ป๐๐ผ๐๐ป & ๐ฆ๐๐ฟ๐ฟ๐ผ๐๐ป๐ฑ๐ถ๐ป๐ด ๐จ๐ฟ๐ฏ๐ฎ๐ป ๐๐ผ๐บ๐บ๐๐ป๐ถ๐๐ถ๐ฒ๐
Demand for urban houses has shot through the roof while new listings grind to a halt. Existing inventory is slowly being depleted and weโre heading for a pre-2017 style run up on house prices.
Sellers have been enjoying these big numbers for a while now (except for a slow down a few weeks ago that was short-lived). If you have a home to sell we should discuss as things are looking very good for house sellers right now. Hereโs our Sellerโs guide to getting you familiar with our process.
Condos have shown 8 weeks in a row of improvement and buyer demand seems to be increasing. With nearly 1000 condo units absorbed over the past 8 weeks, weโre heading back to a healthy balanced condo market with some units flying with multiple offers. Will we see $1000/PSF on the regular again soon? All signs are pointing to yes right now.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,548,628
๐House Median Price: $1,401,000
๐392 Active Listings
๐81 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.24
๐Average Days on Market ~ 15.30 DoM
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $695,113
๐Condo Median Price: $626,500
๐2541 Active Listings
๐113 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
Houses here continue to perform very well with 13 strong sales from $1.8 to over $5m. Inventory continued to drop here as well while sales continue to maintain a steady pace. With fewer listings coming to market and buyer demand remaining relatively the same, we should see some continued activity and strong numbers to close out 2020.
Condos are showing their usual seasonal slow down here with only 4 sales to report. The demographic of the local condo buyer here is a little older so with increased risk with COVID exposure this slowdown was expected. The average price may seem really low here but the larger unit just arenโt getting listed and if theyโre listed theyโre taking a bit longer to move at the moment. This should improve in Q1 2021.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $2,615,519
๐House Median Price: $2,275,000
๐128 Active Listings
๐13 Firm Sales This Week
๐Months of Inventory (MoI) ~ 2.17
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $907,400
๐Condo Median Price: $855,000
๐292 Active Listings
๐4 Firm Sales This Week
๐MoI ~ 5.68
๐๐ฒ๐ฎ๐๐ถ๐ฑ๐ฒ & ๐๐ฎ๐๐ถ๐๐๐ถ๐น๐น๐ฒ
Another area with super low house supply. The number of active listings has dropped while sales increased. Demand for houses remains super strong here and most homes under $2M are sold in competition. We should see the average home trade at $2m+ here as we get into 2021.
A fairly healthy supply of condos is keeping buyers satisfied but as supply slowly dwindles and we get to under 3 months of inventory here (currently 4.33 MoI) we should see some price jumps here in the coming months. Weโre getting a lot more inquiries for condos out of the core and in these areas now.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,708,000
๐House Median Price: $1,683,000
๐45 Active Listings
๐9 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.32
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $858,750
๐Condo Median Price: $638,000
๐210 Active Listings
๐12 Firm Sales This Week
๐MoI ~ 4.33
๐๐ถ๐ฟ๐ฐ๐ต ๐๐น๐ถ๐ณ๐ณ
Birchcliff really showing some staying power here with another week of increased sales and a drop in supply. Average pride at nearly $1.3m for the first time EVER. Birchcliff was gaining in popularity before COVID and the lockdowns have added fuel to that fire. Birchcliff gives people the opportunity to get into massive homes for a fraction of the cost of the beaches or Leslieville. Weโre betting big on this area in 2021.
๐House Average Price: $1,284,167
๐House Median Price: $1,020,000
๐18 Active Listings
๐9 Firm Sales This Week
๐Months of Inventory (MoI) ~ .89
As always, please comment below, DM, or call/text 416-434-1511 if any questions
