We’ve had some time to reflect on the May Liberty Village condo stats and we we wanted to share our thoughts – ready?
May is when things generally start to heat up – both literally and figuratively. We saw 32 sales last month in April and we are up to 41 sales in May. Compared to May 2018 we are down a little (compared with 49 sales in May 2018). Does this mean that there are fewer new listings or are listings not selling? I suggest it’s the former. Let’s look at prices.
For the 41 sales in Liberty Village in May 2019, the average sale price was $644,000. That price is May 2018 was $602,000. Which means we saw an increase on the average price of $42,000 or 7% – pretty much in line with what we’ve been seeing all year, year over year. Let’s take a look at the various bedroom/size configurations to see if they tell the same story.
1 studio sold in May 2019 for $391,900, it was listed for $379,900. Considering that most studios are selling for over $400k now in Liberty Village, I would suggest that someone got a pretty good deal.
13 1-beds sold in May, ranging in size from 400sqft to 635sqft. The average sale price was $545,000, while last year the average 1 bed price was $508,000 (7.3%+).
17 1 bed plus dens sold this May. The average sale price for 1+1s was $640,000, while last year the average 1+1 price in May was $637,000. It should be noted that there were some mega-sized 1+1s that sold at the Toy Factory and Liberty Market Lofts both years slightly skewing that average price upwards. If you take those out the average price is closer to $608,000 – more in line with what you can expect if you have a 1+1 (or want to buy one).
12 2-beds sold in May. The average sale price for those was $777,000, while last year it was $728,000 (6.7%+)
Where Condo Sales Are Heading
We are looking at a healthy seller’s market right now folks. Prices are still rising but they are not out of control this spring. People with the means want to own rather than pay ultra-high rents and our Liberty Village condos are the entry-point into the real estate market. We should continue to see 6-7% increases year over year for the remainder of the year.
Want to find out how much your condo is worth? Check out our condo value form and we will get back to you with a no-obligation value.