[Video Below] Week 7 numbers are in and they’re better. Video and Chart below if you’re a more visual person.
As predicted, houses bounced back from last week with a 5.6% increase in average sale price to $1,237,938 and an impressive 29 sales (up from 15 the previous week).
Buyer confidence seemed to return to the freehold market this week with many more inquiries coming in. We’ll see if that holds into next week as more COVID news comes out and changes daily
The entry level luxury market saw some more activity with 4 of the 29 sales in the $1.5 to $2.3M range. That was nice to see as we saw zero sales in that range the previous week.
These numbers should hold next week as buyers are out and are buying.
Condos were up 5.9% week over week to $731,587 however sales volume is relatively low with only 23 firm condo sales. For the first time in as long as I can remember, houses outsold condos.
Condo buyers are out there but some of that money has dried up as a many entry level condo buyers seem to not be as active as they were a couple of weeks ago. There are some buyers in the higher end as we saw more activity in the $700-$1M range this week.
House buyers showed more confidence this week as 12 of the 29 sales received multiple offers and sold for over the asking price. There was even a line up to get into a value property in the East End yesterday as reported by a local resident.
Condo buyers were not as active but 4 of the 23 sales did fetch multiple offers and sold over the asking price. There are many more buying opportunities in the condo market than freehold at the moment.
Anywhoo – that’s it for now. As the weather gets warmer and physical distancing measures become more comfortable and normal for people we should see some more sales activity as we head into the next few months. We may even see a condo launch or two this Summer.
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