Can you believe its March? It’s been an entire year since the first State of Emergency was declared in Ontario. Pat yourself on the back. Well done. We’ve all made it this far and we’ll make it through to the end.
The 2021 condo market started with a bang. We were hopeful that it would continue on an upward trajectory and our wish was granted! We saw an increase in total condo sales and an increase in values. Chugging our way into 2021, let’s take a look at some numbers for our Liberty Village condo market in February and let them do the talking.
How Many Condos Sold in Liberty Village In February?
February 2021 saw a total of 49 condo sales in Liberty Village. In comparison, February 2020 had 34 sales. WOW! So, what does this mean? Well, to put it in context, the 2020 February local real estate market was filled with bidding wars, significant price increases, a large increase in sales volume and just the smallest indication of a global pandemic approaching. Yet, year over year, we were up 15 sales or 144% in sales volume. INCREDIBLE! In a non-COVID February market, we expect the condo market to continue picking up. Although, the pandemic means anything is possible. We are VERY pleasantly surprised to see that the market continuing on an impressive upward trajectory. Indeed, when looking only at February 2020 to 2021, there were roughly one and a half times the number of buyers with enough confidence in the condo market to make one of their largest lifetime purchases.
Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or increase from February 2020 to February 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 February 2021 was $690,000 on the 49 sales. The average sale price for the 34 sales in February 2020 was $713,886. A 3.35% year over year decrease in sale price- a tiny, tiny difference.
The average sale price in February 2021 was $690,000 on the 49 sales. The average sale price for the 34 sales in February 2020 was $713,886. A 3.35% year over year decrease in sale price- a tiny, tiny difference. And this is to be expected when studio and 1-bedrooms are priced lower than their larger bedroom counterparts and there were 18 studio and 1-bedroom sales in February of 2021, in comparison to 11 studio and 1-bedroom sales in February 2020. Furthermore, if you remember post mid-March up to December 2020, we saw a pattern of steep decreases in sale price. January saw a very promising increase in sale price, and February showed an even bigger increase! Month over month demonstrated a 115% increase in sale price. Fantastic! Also very encouraging is the amount of inventory. The numbers prove that buyers were still buying in substantial numbers, and sale price bumping up was the cherry on top.
Now that we are a few days into March, we can say that the current condo market is still ON FIRE. We are seeing prices shoot back up and multiple offers on pretty much anything worth buying. You saw the numbers – they did the talking.
Last month, we projected things to settle down as more inventory hit the market closer to spring. There was definitely more inventory, but the numbers tell us we aren’t quite ready to cool off. Only time will tell – and we’re excited and eager to see what happens.
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.