Downtown Toronto Condo Market – January 2014
The Downtown Toronto Condo Market for January 2014 looks good for condo owners & sellers, as well as Downtown Toronto condo buyers.The average selling price for a Downtown Toronto Condo in January 2014 was $439,487, which is up 3.45% from $424,826 last month (December 2013). This time last year (January 2013), the average selling price for a Downtown Toronto Condo was $402,824 – which represents an increase of 9.10%.
The average condo took about 46 days to sell in January 2014, which is a little over a week longer than last month.
New Listings were up from 382 in December 2013 to 798 in January 2014 – which is more than double – although the number of sales is slightly down from 269 in December 2013 to 244 in January 2014.
What Does This Mean?
Overall, even though the supply (number of listings) have increased substantially since last month – more than doubled – but the demand (number of sales) have decreased and the time it takes to sell a condo (days on market) have increased, the average prices did increase both month/month and year/year.
This would indicate that there are buyers out there willing to pay top dollar for great listings.
If you’re thinking of selling your Downtown Toronto Condo, NOW is a great time to list your condo.
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.
