How is it already May?! It feels like this year is just flying by.

We’re thrilled that the weather is warming up, patios are opening up, kids are playing outside and the birds are chirping.

Now, on to real estate! This month, we saw a decrease in total condo sales year over year and month over month and an increase in sales volume year over year and month over month. Let’s delve into the numbers for our Liberty Village condo market in April and let them do the talking.

How Many Condos Sold in Liberty Village In April?

April 2022 saw a total of 41 condo sales in Liberty Village. In comparison, April 2021 saw a total of 73 condo sales. A 43.84% decrease – If you’ve been keeping up with real estate news, you’ll know that inventory has recently increased, interest rates have gone up and demand has gone done. Now, this is good news for buyers – less competition, more inventory… the only off-side is higher interest rates. Sellers, don’t fret – we foresee prices only increasing from this point on. In summary, the market has cooled off slightly and 41 buyers had enough confidence in the market to make one of the largest purchases of their lifetimes.

When looking at condo sales month over month, March 2022 had 53 sales. That’s a 22.64% decrease in condo sales month over month. Historically, we see that condo sales and inventory increase as the market transitions from Winter to Spring. In last month’s blogpost, we were talking about whether we would have a bonkers Spring market, as per usual. We mentioned that we had an unusually insane Winter market this year. This month, we’re seeing that the Spring market is more like a late Spring, early Summer market, with the Winter market acting like a usual Spring market.

To sum it up, condo sales in April remained decreased month over month and year over year and the number of buyers confident enough to make their biggest lifetime purchase was a healthy number despite a lack of demand and inventory, crazy prices and increased interest rates. Let’s not forget- and you’re probably sick of hearing it at this point- this is all despite being more than 2 years 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 2021 to April 2022? 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 2022 was $805,592 on the 41 sales. The average sale price for the 73 sales in April 2021 was $771,482. A 4.42% year over year increase in sale prices. In last month’s blog post, we talked about condo prices going hundreds of thousands over market value. “Whoever can pay the most, wins the condo.” Despite inventory and interest rates being higher and demand being lower, we’re still seeing record high prices. And we predicted this. Our guess, as mentioned last month, was that prices would increase irregardless of other factors.

The average sale price in April 2022 was $805,592 on the 41 sales. The average sale price for the 73 sales in April 2021 was $771,482. A 4.42% year over year increase in sale prices. In last month’s blog post, we talked about condo prices going hundreds of thousands over market value. “Whoever can pay the most, wins the condo.” Despite inventory and interest rates being higher and demand being lower, we’re still seeing record high prices. And we predicted this. Our guess, as mentioned last month, was that prices would increase irregardless of other factors.

Now, what about sales volume month-over-month? The average sale price in March 2022 was $784,316 on the 53 sales. A 2.71% month over month increase in sale price.  If you remember last month, there was an uncharacteristic decrease in average sale price month over month. This month, with an increase, prices are climbing back up. What does this mean for the upcoming months? Our guess, as mentioned earlier on, sale prices will continue to climb.

The Liberty Village condo market for April 2022 has proven to be a healthy one, despite a number of factors.

Any predictions for the rest of the Spring or Summer market? Let us know in the comments below.

Curious how April 2022 differed from the month or year before? Take a look back at our posts for the Liberty Village condo stats in March 2022 and April 2021. 

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.

Kylie Solway

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