We’ve received loads of inquiries about our local condo market since the COVID-19 pandemic took over, specifically as to whether this would affect values and pricing. We are compiling data to give you a better understanding of what is going on with our condo market. We will be working towards updating the numbers below regularly so please check back often.
Let’s look at the following:
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- The weekly volume of sales compared to the same week in 2019
- Average sale prices for 1 bed, 1+1s & 2 bed condos compared with same week in 2019
- We will also keep an eye on rentals in the area to see volume of listings available vs 2019
Keep an eye on these charts as we will be updating them weekly as things are changing fast.
We will be updating these charts weekly but we are starting to see a downward trajectory in the number of sales that are happening weekly. It’s important to note that we are looking specifically at numbers in Liberty Village.
Liberty Village Real Estate: March 15-31, 2020
- Liberty Village & Toronto was experiencing one of the busiest late winter/early spring real estate markets in history. Bidding wars were rampant and the consensus was that there was a shortage of good listings available in our area. When COVID-19 struck Toronto there were still plenty of active buyers and sellers remaining from the busy first quarter of the year. This is why we continued to see steady sales through the last 2 weeks of March.
- Once we reached the end of March things had changed quickly. Anecdotally showings had slowed to a virtual stand-still and people were told to stay home. Active Realtors (like us) were moving things (even more) online to accommodate virtual showings, virtual open houses and FaceTime tours, if needed.
Liberty Village Real Estate: April 1-7, 2020
- We are continuing to see new listings hit the local market but the pace of sales has slowed down considerably.
- Showings have essentially stopped as both Realtors and buyers have wisely heeded the advice of Public Health officials to stay home.
- PRICES! There are some sellers out there who got caught in a quickly changing market and NEED to sell. There may even be the odd deal out there, but let me be clear, prices have not come down much over the last couple of weeks. If anything, the inflated prices we were seeing from Jan 1 – March 15 2020 are a distant memory. At best (or worst, depending on your perspective) we are back to late 2019 prices right now.
Liberty Village Real Estate: April 8 – 17, 2020
- We can see now that week by week since COVID came into our lives the local real estate market has petered out to a very slow crawl. 3 sales in the first week of April and NONE in the 2nd week of April.
- Liberty Village is a pretty small sample area so let’s look at downtown condos (C01/C08 which is Dufferin to the DVP, Lakeshore to Bloor).
April 1 – 15 2020 New Listings: 303 Sales: 62 List vs Sale Price: 99% Avg Price: $738,908
April 1-15 2019 New Listings: 546 Sales: 323 List vs Sale Price: 101% Avg Price: $710,672
Overview: Sales down 80% New Listings Down 44% Avg Price Up 3.9%
Liberty Village Real Estate: April 18 – 24, 2020
Real Estate experts will often look at Months of Inventory as a measure of how fast all the existing properties on the market would last assuming a) no more listings are added, and b) the rate at which condos sell is a constant figure based on the average of the last 12 months of sales. For example: If there are 100 condos on the market at the end of the month. Based on the last 12 months of sales, we found that an average of 20 condos sold every month. Remember, our assumption is that we are not adding any more condos to inventory in the coming months. So simply take the 100 condos we have, and divide it by 20 condos that sell each month on average. 100/20=5 months of inventory.
- If there are 0-4 months of inventory, meaning that all current listings can expect to be sold within 4 months, it is considered a seller’s market because condos are selling fast. In a seller’s market, sellers have the advantage because demand for property exceeds supply.
- If there are 5-8 months of inventory, it is considered a balanced market. Current listings aren’t selling like fast, but they’re not staying on the market too long either.
- If there are 9 or more months of inventory, it is considered a buyer’s market because condos are selling slowly. In a buyer’s market, buyers have more negotiating power than sellers do because the supply of listings exceeds the current demand for housing.
Let’s take a look and see what we have in Liberty Village at the moment….
As of April 26/2020 there are 36 available condos in Liberty Village. There have been 8 sales over the past 30 days. Meaning, we are sitting at about 4.5 months of inventory in Liberty Village. Based on this supply/demand metric we are moving towards a more balanced market than we have seen in quite some time.
There have been 8 sales over the past 30 days. Meaning, we are sitting at about 4.5 months of inventory in Liberty Village.
While people enjoy seeing these types of metrics I do believe that the important metrics will come AFTER the lockdown lifts and we start to determine how buyer and sellers react post-lockdown.
Are Liberty Village Condos Actually Selling Virtually?
- While it is not super common the answer is yes. In fact we just sold our gorgeous 1+1 at DNA3 using enhanced virtual tours, online marketing and floor plans. It can be done with the right (vacant or owner-occupied) condo so contact us if you HAVE TO sell right now. It’s challenging but it can be done.
If you want to see what is currently listed for sale in Liberty Village check out our listing page. It’s updated regularly.
Check back often for more market updates during this unprecedented time. Peace, good health & love to all.