Downtown Toronto Condo Market – February 2014
The Downtown Toronto Condo Market is starting to warm up for February 2014. This is a good thing for both condo owners & sellers, as well as Downtown Toronto condo buyers.The average selling price for a Downtown Toronto Condo in February 2014 was $430,975, which is down from $439,487 last month (Jan 2014). However, this time last year (Feb 2013), the average selling price for a Downtown Toronto Condo was $408,067 – which represents an annual increase of 5.61%. This is a good thing if you’re a condo seller.
The average condo took about 31 days to sell in February 2014, which is about 2 weeks shorter than last month (Jan 2014).
New Listings were up slightly from 798 last month to 831 in February 2014, and the number of sales is up by more than 36% from 244 last month to 333 in February 2014.
What Does This Mean?
With the number of sales (demand) increasing more than the number of new listings (supply), and also with the average Days On Market decreasing by more than 2 weeks from last month (Jan 2014) this would indicate there are more buyers out there looking for condos in Downtown Toronto right now.
Although the average sale price for a condo has dropped from last month, we still see a very healthy annual appreciation of 5.61%
So if you’re thinking of selling your Downtown Toronto Condo, NOW is a great time to list your condo with us to capture the buyers that are out there now.
If you’re a buyer, now is also a good time to think about buying. There are more condos on the market right now, which means a greater selection for you to choose from – get what you want.
Of course average prices sometimes hide what’s really going on in a specific area or building. If you really 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.
