Prices Back On Top
In October, the number of condos available for sale in the C01 district was down to 936 from 1004 in September. The number of condos sold was down from the previous month to 343 from 356 for a ratio of 0.37. These numbers nudge us just slightly back into a Seller’s market.
More and more of my clients are baby boomers selling their homes and choosing the condo life style. Typically, they want to be able to travel more, have less property to maintain and no stairs. Often a family home seems unnecessarily large. If they like their neighbourhood… they want to stay in it. Being along the subway line is usually a must. Never imagining how valuable their homes would become, most often their goal is to find a condo worth about 75% of their homes value. This leaves them a nice little nest egg to enjoy in the coming years. The most comfortable size for this group seem to be 1300 sq ft or larger 2 bdrms. My clients have not been looking for luxury, but good value without requiring too much renovation. With more and more people looking for this product, getting a headstart on the crowd will likely save you money in the long run.
The median price for August was up to $376,000 from the previous month’s $361,900. The average number of days on market for the month was down to 25 days from 30.
The break on prices we saw in September was short lived. Once again, we say buyer’s demand outweigh the supply resulting in the highest median condo prices ever in the C01 district. I resist predicting market prices going forward but studying the last five years of prices between November and December, I see steady or declining prices every year. The bad news for buyers is that there is about half the number of condos to choose from in December compared to the summer. So there’s less to choose from, but we’ll likely see slightly lower prices once again.
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*Graphs apply to most recent C01 district data.