Hey June, how are you?! We’re only a week into the month and we’ve already had lots of rainy days. The weather has been uncharacteristically cool for a Summer month, but, hey, anything goes, right? Here’s to warmer, sunnier days.

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 May and let them do the talking.

How Many Condos Sold in Liberty Village In May?

May 2022 saw a total of 24 condo sales in Liberty Village. In comparison, May 2021 saw a total of 56 condo sales. A 57.14% 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 down. Now, this is good news for buyers – less competition, more inventory… the only off-side is higher interest rates. Sellers, don’t fret – we’ll see later in this post that prices have risen both year over year and month over month. In summary, the market has cooled off slightly, but prices have not, and 24 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, April 2022 had 41 sales. That’s a 41.46% 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 May 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 May 2021 to May 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 May 2022 was $834,688 on the 24 sales. The average sale price for the 56 sales in May 2021 was $743,321. A 12.29% year over year increase in sale prices. This is a fantastic number compared to the year over year increase in last month’s blog post, which was 4.42%. This is especially when considering the increase in interest rates, in comparison to last year.

The average sale price in May 2022 was $834,688 on the 24 sales. The average sale price for the 56 sales in May 2021 was $743,321. A 12.29% year over year increase in sale prices. This is a fantastic number compared to the year over year increase in last month’s blog post, which was 4.42%. This is especially when considering the increase in interest rates, in comparison to last year.

Now, what about sales volume month-over-month? The average sale price in April 2022 was $805,592 on the 41 sales. A 3.61% month over month increase in sale price.  If you’re following the news, you’ve probably seen tons of buzz about sale prices dropping dramatically. Two months ago, there was an uncharacteristic drop, month over month, in sale prices, which has been the focal point of a “crashing” real estate market. As you can see, the last two months have marked increases in month over month sale prices. So, it is evident that there is a bigger picture.

The Liberty Village condo market for May 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 May 2022 differed from the month or year before? Take a look back at our posts for the Liberty Village condo stats in April 2022 and May 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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