And just like that, it’s April! By now, everyone has celebrated a pandemic birthday. Easter & Passover traditions were molded to fit with COVID-19 regulations and, now, winter jackets are being retired in anticipation for warmer weather.
Speaking of weather, the real estate market is hot as ever. Similar to February, March saw an increase in total condo sales both year over year and month over month. Let’s just say, the pandemic has nothing on the real estate market! Let’s delve into the numbers for our Liberty Village condo market in March 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 54 condo sales in Liberty Village. In comparison, March 2020 had 30 sales. That’s an astonishing 187% jump in condo sales year over year. To put it into context, we’re now more than a year into a global pandemic. And while we’d expect an upward trajectory from January to February to March and a very healthy Spring market, in a completely normal, non-COVID world, we were prepared for the unexpected. And yet, to say we are pleasantly surprised is an understatement. Year over year, the number of buyers confident enough to make their biggest lifetime purchase almost DOUBLED, despite all that we’ve endured over the past year.
Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or decrease from March 2020 to March 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 March 2021 was $759,959 on the 54 sales. The average sale price for the 30 sales in March 2020 was $738,233. A 103% year over year increase in sale price. This is HUGE!
The average sale price in March 2021 was $759,959 on the 54 sales. The average sale price for the 30 sales in March 2020 was $738,233. A 103% year over year increase in sale price. This is HUGE! Up until now, we hadn’t yet seen a year over year increase in sales price. March broke that streak! Condo values have increased by 3% and we’re over the moon! If you recall, average sale prices post mid-March 2020 up to December 2020 showed a pattern of steep decreases in sale price month over month. December 2020 to January 2021 saw a very promising month over month increase in sale price. February showed an even bigger increase and March demonstrated a massive increase once again- this time, year over year and month over month. We’re also pleasantly surprised by the sheer amount of inventory. The numbers prove that buyers were still buying in astronomical numbers, while sale prices outdid themselves once again.
The 2021 real estate market, so far, has been unparalleled, and we are very eager to see how the Spring market will play out. If the past couple months are any indication of what will come, we are jumping with excitement…. and on the edge of our seats.
What do you think will happen? Do you have any predictions? We’d love to hear your thoughts in the comments below.