Goodbye 2020! Compared to the record pricing we saw from January through mid-March, the condo market has definitely taken a bit of a price hit with the advent of COVID. You know what didn’t take a hit? The number of units sold in December! From real estate to quarantine, this year has been one heck of a ride. Let’s take a look at some numbers for our Liberty Village condo market in December and let them do the talking.
We all know that December tends to be a sleepy real estate month in the best of times. December 2020 saw a total of 29 condo sales in Liberty Village. In comparison, December 2019 had 14 sales. No biggie, that’s only a 207% increase in sales volume, even in the midst of a pandemic! Down 15 sales from November 2020, but that is to be expected in a month like December, when the condo market typically slows down. When solely comparing December 2019 to 2020, there are more than twice the number of buyers with enough confidence in the condo market to make one of their largest lifetime purchases. These are interesting times!
Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or increase from December 2019 to December 2020? Let’s take a look at the average sale price for all types of condo sales year over year.
The average sale price in December 2020 was $723,527 on the 29 sales. The average sale price for the 14 sales in December 2019 was $913,550. That is a 20.8% decrease in the average sale price year over year.
The average sale price in December 2020 was $723,527 on the 29 sales. The average sale price for the 14 sales in December 2019 was $913,550. That is a 20.8% decrease in the average sale price year over year. Post mid-March we’ve been seeing this pattern, so no surprise. What is surprising, though, is the amount of inventory. Regardless of the year over year price decrease, the numbers prove that buyers were still buying and that kept the condo market from “crashing and burning” as projected in the early months of the pandemic.
With the rollercoaster ride that was 2020, what we will see from the 2021 Liberty Village condo market still isn’t crystal clear. Experts predict that with the introduction of the COVID vaccine into society, prices will bounce back and even continue its upwards trajectory. Some projections state that the condo market will be JUST as hot as what we experienced last January-mid March 2020… only time will tell! Most interesting will be whether inventory remains as high as late 2020 numbers. Keep in touch to stay up to date.
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.