Downtown Toronto Condo Market – March 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 March 2014 was $447,060 which is up 3.73% from $430,975 last month (February 2014). This is the biggest month-to-month increase in sold prices we have seen this year. This time last year (March 2013), the average selling price for a Downtown Toronto Condo was $431,472 – which represents an increase of 3.61%.
The average condo took about 28 days to sell in March 2014, which is the lowest it’s been for the last year.
New Listings were up from 831 in February 2014 to 1077 in March 2014. The number of Sales are also up in the Downtown Toronto Condo Market, from 333 in February 2014 to 404 in March 2014.
What Does This Mean?
With prices continuing to increase at a more affordable pace than freehold properties (i.e. houses) in the city, and with more New Listing on the market today than even a month or two ago, now is a great time to be a Condo Buyer in the Downtown Toronto Market.
And if you’re thinking of selling your Downtown Toronto Condo, there is also good news for you. With prices increasing, number of sales increasing, and average days on the market decreasing, it means that listings are selling quicker and for higher prices than last month – even with the additional competition (i.e. New Listings). That indicates that buyers are out there looking for Downtown Toronto Condos.
If you’re thinking of Buying or Selling your Downtown Toronto Condo, Now is a great time to get in touch with us.
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.
