It’s been a few weeks since we last reported and this being the beginning of a brand new year we wanted to get off to an early AND fresh start. Here’s a recap of what we are all about...Our market insights give you a quick snapshot of what’s happening in the core neighbourhoods of the city. We track listings and sales of homes and condos from the 401 to the lake and stretch as far east as the Beaches and as far west as Bloor West Village. To truly understand and gauge the temperature of the real estate market in Toronto we scour the data available to us and record key metrics such as the number of properties in various price ranges and how many are being traded at or above the list price. The research is extensive and time consuming but provides our agents and their clients with the knowledge they need to make informed decisions. Today is the starting point on a year-long journey.
In the freehold sector, listings are currently at an all-time low. By comparison, in late May of 2015 we had nearly 500 new listings on the market. Last week we recorded an impossibly low 45. The lack of listings did not deter buyers however. In the week between Christmas and New Year’s Day we recorded 27 sales with just under half of them at or above the list price. In one situation we saw one mid-priced detached home property sell over $200k more than the list price.
Not surprisingly, the condominium market is also experiencing low listing activity. Just 153 properties were listed throughout the core of the city last week. A surprising 14% of the 68 condos that sold traded at or above the list price. We are well off the record number of listings that we will see at the height of the market but even with low levels of existing listings there are plenty of opportunities to find excellent end user or investment suites.