Downtown Toronto Condo Market – December 2013
The Downtown Toronto Condo Market for December 2013 may not look great at first glance, but there are some definite upsides if you’re a Buyer or Seller. We’ll explain.
It’s no secret that December is one of the slowest months in Real Estate, and Downtown Toronto is no exception to that.
The average selling price for a Downtown Toronto Condo in December 2013 was $424,826, which is down 4.31% from the annual record high of $443.964 last month (November 2013). This time last year (December 2012), the average selling price for a Downtown Toronto Condo was $425,072 – which is essentially on par with this year.
The average condo took about 37 days to sell in December 2013, which is a little longer than November 2013.
New Listings were down from 702 in November 2013 to 382 in December 2013, and the number of sales is down from 338 in November 2013 to 269 in December 2013.
Although the number of new listings & sales have decreased from November to December, compared to the same time last year (December 2012) they’re up – there are 24% more New Listings and 28% more sales.
What does this mean to you?
If you’re a buyer, it means there’s more to choose from when selecting your Downtown Toronto Condo purchase as compared to last year, which is a good thing.
If you’re a seller, it means there were more buyers on the market this year. Although, New Listings have increased over the same time last month, they have significantly decreased from last month, so now is a great time to list your condo for sale, since there’s more buyers out there. If you wait until the spring market, you may be competing with many more condos on the market.
Of course average prices sometimes hide what’s really going on in a specific area or building. If you want to know what your condo is worth, or if you have any questions about the Downtown Toronto Condo Market feel free to get in touch with us.
