Welcome to the month of June!
“June is the time for being in the world in new ways, for throwing off the cold and dark spots of life” – Joan D. Chittister
We couldn’t think of a better quote to encapsulate the feelings we have, so far, of June. It seems we are finally seeing some light at the end of the tunnel after more than a year into a global pandemic. As of May 22nd, 2021, 50% of the total Canadian population or 19,230,680 individuals have received at least one dose of the COVID vaccine and 4.61% or 1,753,673 are fully vaccinated. The sun is out and re-opening plans are in the works – things are looking brighter!
And brighter is the real estate market, too! Similar to April, we saw a huge increase in total condo sales year over year. Let’s delve into the numbers for our Liberty Village condo market in May and let them do the talking.
If you are think of selling your condo this summer or fall and don’t know where to start have a look at out hugely popular Liberty Village Condo Selling Guide.
How Many Condos Sold in Liberty Village In May?
May 2021 saw a total of 55 condo sales in Liberty Village. In comparison, May 2020 had 23 sales. Wow! A staggering 139% jump in condo sales year over year. The experts predicted that, as more and more of the population became vaccinated, we would see a skyrocket in condo sales year over year. The experts were right and we’re astonished! If we compare May 2021 stats to May 2019 stats, there is still an incredible 128% jump in sales year over year. This means that sales were 128% higher during the recovery of a pandemic than a “normal” month like May 2019. In summary, year over year, the number of buyers confident enough to make their biggest lifetime purchase more than doubled, despite being more than a year into a global pandemic.
Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or decrease from May 2020 to May 2021? Let’s take a look at the average sale price for all types of condo sales year over year.
The average sale price in May 2021 was $744,436 on the 55 sales. The average sale price for the 23 sales in May 2020 was $795,587. A 6.4% year over year decrease in sale price. Fascinating, but to be expected, when 23 out of 55 sales in May 2021 were 1 bedroom condos! In comparison, 1 of the 23 sales in May 2020 sold for $2,499,000, which has a massive impact on the average total sale price.
The average sale price in May 2021 was $744,436 on the 55 sales. The average sale price for the 23 sales in May 2020 was $795,587. A 6.4% year over year decrease in sale price. Fascinating, but to be expected, when 23 out of 55 sales in May 2021 were 1 bedroom condos! In comparison, 1 of the 23 sales in May 2020 sold for $2,499,000, which has a massive impact on the average total sale price.
Last month was absolutely bonkers! This month, we’re pleasantly surprised with the Liberty Village condo market, especially when comparing it to May 2019 when “normalcy”.
Any predictions for next month, the Summer or Fall market? Let us know in the comments below.
If you have any specific questions about the market or are curious as to how this relates to your Liberty Village condo, get in touch. You can fill out our Condo Value Form or send us an email.
