2021, we’re happy to see you! Mid-March through December 2020 was hard on all of us. We’ve entered into 2021 with a new wave of optimism and eagerness for a fresh start.
Compared to the drop in pricing we experienced from July to December 2020, the condo market has started 2021 with a BANG! Additionally, the gap in value decrease has closed considerably, even whilst the global pandemic chugs on. From real estate to quarantine, last year was one heck of a ride. Moving on to 2021, let’s take a look at some numbers for our Liberty Village condo market in January and let them do the talking.
January tends to be a month of new beginnings. The condo market tends to wake up and pleasantly surprise us from a sleepy December. It’s pretty typical to see a streamlining of inventory early in the year and the dead of winter.
How Many Condo Sold in Liberty Village In January?
January 2021 saw a total of 35 condo sales in Liberty Village. In comparison, January 2020 had 15 sales. BOOM! What does that tell us? It tells us that there is some serious demand and all of the late 2020 unsold listing stragglers got snatched up quickly. That’s a 233% increase in sales volume! Up 6 sales from December 2020. In a non-COVID market, that is to be expected in a month like January when the condo market typically picks up. We were unsure how January would play out in pandemic times, but boy, we are pleasantly surprised! When solely comparing January 2020 to 2021, there are more than twice the number of buyers with enough confidence in the condo market to make one of their largest lifetime purchases. These are optimistic and exciting times for a downtown Toronto condo market people were expecting to fall apart.
Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or increase from January 2020 to January 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 January 2021 was $603,172 on the 35 sales. The average sale price for the 15 sales in January 2020 was $641,493. That is a 5.97% decrease in the average sale price year over year
The average sale price in January 2021 was $603,172 on the 35 sales. The average sale price for the 15 sales in January 2020 was $641,493. That is a 5.97% decrease in the average sale price year over year. Post mid-March up to December 2020 we’ve seen a pattern of steep decreases in sale price. Particularly, December 2020 saw a 20.8% decrease in the average sale price from December 2019. But to our pleasant surprise, this month to month price gap has closed substantially. Also very encouraging is the amount of inventory. Regardless of the tiny year over year price decrease, the numbers prove that buyers were still buying, in substantial numbers, and we hope that this alludes to the condo market steeply picking up in speed.
Now that we are a week into February we can say that our current condo market is HOT. We are seeing prices shoot back up and multiple offers on pretty much anything worth buying. Obviously this is all anecdotal but we are living and working in this.
Things should settle down if and when more inventory hits the market, generally closer to spring. People ARE optimistic and the numbers show that. Like we always say, time will tell. Keep in touch to stay up to date.
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.
