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May the vaccine be with you! Welcome to the month of May. Days tend to be filled with warmer, sunnier weather & Mother’s Day has come and gone.
The real estate market is hotter than ever. Just like March, we saw an insane increase in total condo sales both year over year and month over month. We’ve said it a bunch of times and we’ll keep on saying it: the pandemic really cannot hold the real estate market back. Let’s delve into the numbers for our Liberty Village condo market in April and let them do the talking.
If you are think of selling your condo this spring or summer 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 March?
March 2021 saw a total of 73 condo sales in Liberty Village. In comparison, March 2020 had 7 sales. Yes, folks, you read that write – 7 sales. That’s an astonishing 1043% jump in condo sales year over year. We all projected a very healthy Spring market, in a world where COVID was not a THING. Based off of early 2021, we also guessed that the COVID Spring market would be quite hot. But a 1043% jump in condo sales year over year is absolutely INSANE. So again, we are blown away! Year over year, the number of buyers confident enough to make their biggest lifetime purchase more than DECUPLED (yes, that is a word – meaning 10x), 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 April 2020 to April 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 April 2021 was $715,000 on the 73 sales. The average sale price for the 7 sales in April 2020 was $820,000. A 13% year over year decrease in sale price. Interesting, but to be expected, when 4 out of 7 April 2020 sales were larger than average (800 sqft+) and 2 out of 7 were townhomes. In comparison, 32 of the 72 April 2021 sales were 1 bedrooms with an average sold price of $660,000. It is no surprise that 1 bedrooms would heavily affect the average April 2021 sale price and bring it down, compared to April 2020.
The average sale price in April 2021 was $715,000 on the 73 sales. The average sale price for the 7 sales in April 2020 was $820,000. A 13% year over year decrease in sale price. Interesting, but to be expected, when 4 out of 7 April 2020 sales were larger than average (800 sqft+), 2 out of 7 were townhomes & 1 out of 7 was a high-end loft. In comparison, 32 of the 72 April 2021 sales were 1 bedrooms with an average sold price of $660,000. It is no surprise that the sheer number of 1 bedrooms would heavily affect the average April 2021 sale price and shuffle it downwards.
What’s more important, in this case, is to look at the condos, per bedroom(s), more closely. For example, April 2021 1 bedrooms averaged $660,000 on 32 sales, while April 2020 1 bedrooms averaged $562,500 on 2 sales. For 1 bedrooms, year over year, that’s a 117% increase in price. So, you get an idea of how total average sale price, year over year, might not tell the whole story. Most prominent, is the market is increasing in every stat possible.
What’s more important, in this case, is to look at the condos, per bedroom(s), more closely. For example, April 2021 1 bedrooms averaged $660,000 on 32 sales, while April 2020 1 bedrooms averaged $562,500 on 2 sales. For 1 bedrooms, year over year, that’s a 117% increase in price. So, you get an idea of how total average sale price, year over year, might not tell the whole story. Most prominent, is the market is increasing in every stat possible.
If last month was crazy, this month was insanity. We’re more eager than ever to see how the remainder of the Spring market will play out. If April was any indication of future months… well, there’s a LOT to be excited about.
Any predictions for next month, the remainder of the Spring market, or even Summer? 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.
