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April wasn’t exactly a gorgeous weather month for us and it seems that the busy spring condo market has been a tad slow to warm up. Still, we had a healthy 32 sales in Liberty Village in April vs the 40 we had in March. Last year in April we had 34 – so pretty darn similar. Let’s take a look at prices.
The average price for those 32 sales in April 2019 was $660,145. In comparison, April 2018 had an average sale price of $624,000, which is a percentage increase of 5.8% year-over-year in Liberty Village. Nothing record-breaking but that number doesn’t quite tell the whole story. Let’s break these down to something more meaningful and look at 1 beds, 2 beds etc.
Studios
1 studio sold in April 2019 for $381,500, it was listed for $340,000.
1 Beds
9 1 beds sold in April, ranging in size from 400sqft to 635sqft. The average sale price was $539,000, while last year the average 1 bed price was $517,500 (4.15%+).
1+1s
9 1 bed plus dens sold this April. The average sale price for 1+1s was $663,000, while last year the average 1+1 price in April was $599,000 (9.7%+).
2 Beds
The average sale price for 2 beds this April was $755,000, while last year it was $719,000 (5%+)
Where Condo Sales Are Heading
Entry-level 1 beds are still flying but sellers need to be cautious not to over-price. I am seeing some greed out there in terms of asking prices and these over-priced units will sit. While the Liberty Village condo market is moving well, that doesn’t mean you can ask whatever you want and get it. Buyers are still apprehensive about over-paying or even worse, a condo not appraising when it comes to financing.
See you next month for some more numbers.
