Week 42: House Inventory is dangerously low (prices rising rapidly) and condo inventory continues to plummet
Last week I asked if buyers were going to “Christmas and Chill” anytime soon, well…I have the same question this week. Buying activity across the board is off the charts with no new listings replacing those that are sold. House inventory is reaching red zone levels with many buyers having one (maybe two) options while condo buyers are out there looking for deals that no longer exist. Sellers are getting their condos sold quicker and we’ve even seen some bidding wars in condo-land.
What’s to come in 2021? Look out for my interview in the Toronto Star coming out in early Jan to find out…or maybe you’ll get it here first 🙂
Condo sales are up and listing supply is down to under 2000 units for the first time since early July. Week over week of improvement here proves that this isn’t just a short term trend. Condos are back and people want them.
Houses downtown and surrounding urban communities are suffering from an extreme lack of inventory making this December one of the best times to sell your house in recent real estate memory (perhaps March 2017 was a little hotter). If you’re a seller make sure to download our Seller’s guide so you can see how we work.
Both Google and Amazon have doubled down on their office spaces here in Downtown Toronto.
Bet against Toronto real estate long term and you will always lose. This is a hard fact.
House Average Price: $1,436,580
House Median Price: $1,300,000
306 Active Listings
59 Firm Sales This Week
Months of Inventory (MoI) ~ 1.24
Average Days on Market ~ 15.30 DoM
Condo Average Price: $691,473
Condo Median Price: $605,000
1986 Active Listings
152 Firm Sales This Week
MoI ~ 4.54
Average Days on Market (DOM) ~ 36
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Sales are up for both Condos and Houses while the number of available listings fell again. There’s a typical run-up pre-Christmas as folks look to make their buys/sells then settle in for the Holiday. That’s expected, however, it’s Dec 22nd today and phones are still ringing with active Buyers on the hunt.
House Average Price: $2,286,100
House Median Price: $1,887,500
89 Active Listings
10 Firm Sales This Week
Months of Inventory (MoI) ~ 2.17
Condo Average Price: $733,690
Condo Median Price: $739,750
240 Active Listings
10 Firm Sales This Week
MoI ~ 5.68
Sales activity here remained fairly consistent. What’s interesting here is that 4 of the 5 sales were of properties well over $2mm that have been sitting on the market for up to 80 days. This speaks to the frustration of buyers who aren’t satisfied with the lack of new listings so they’re taking what they can get…and paying big money for it!
Condos continue to perform very well here as buyers eat up existing inventory. Only one of the 9 condo sales this past week was a newly listed condo. 8 of them ate up existing inventory that’s been sitting 38-90 days on market. Again, buyers are taking what they can get as things heat up in condo-land.
House Average Price: $2,755,000
House Median Price: $2,525,000
35 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 1.32
Condo Average Price: $794,222
Condo Median Price: $718,000
172 Active Listings
9 Firm Sales This Week
MoI ~ 4.33
Big sales week in Birchcliff this past week. As these new builds start to come to market we’ll see average pricing climb here steadily in 2021. Narrow new builds are fetching mid $1.5’s while 40’ wide new builds are trading well north of $2mm. 2021 will be a HUGE year for this area.
House Average Price: $1,066,125
House Median Price: $992,500
11 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ .89
As always, please comment below, DM, or call/text 416-434-1511 if any questions.