It’s been one hell of a year, hasn’t it? Peak condo pricing hit us in January through mid-March and then, well, COVID. Our Liberty Village market has been on a rollercoaster ride since then. If you lived your life according to news headlines you might think that our local condo market has experienced a crash and burn. We like to let the numbers do the talking so let’s take a look at some numbers for our Liberty Village condo market in November.
November 2020 saw a total of 44 sales. In comparison, November 2019 had 23 sales. Interesting. So, in the midst of a pandemic and a “crashing condo market” Liberty Village had 91% MORE sales than the same month in the previous year. In light of everything that has happened this year, almost twice the number of buyers had enough confidence in the condo market to make one of their largest lifetime purchases.
Sales volume tells us part of the story. Let’s talk prices. Did values increase, remain the same or increase from November 2019 to November 2020? Let’s take a look at the average sale price for all condo sales year over year.
The average sale price in November 2020 was $632,441 on the 44 sales. The average sale price for the 23 sales in November 2019 was $684,065. That is a 7.5% decrease in the average sale price year over year.
The average sale price in November 2020 was $632,441 on the 44 sales. The average sale price for the 23 sales in November 2019 was $684,065. That is a 7.5% decrease in the average sale price year over year. Not overly shocking when we consider the market this year: lots and lots of inventory – way more than we have seen in years. The good news is that buyers were still buying and that probably helped to stave off imminent disaster in our condo market.
Those who are thinking of selling in 2021 want to know: what’s going to happen next year? Good question, we are glad you asked. WE DON’T KNOW. If we had to make an educated guess we’d say that January, February and March will be very similar to late fall 2020. Condos will be bought and sold and values will remain fairly flat with a few outliers doing very well. We think things will start to heat up again towards the 2nd half of 2021 as restrictions ease up and we all get closer to having access to a vaccine.
While we are not out of the woods yet, there is room for optimism.
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.
