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.
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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.
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