And just like that, as if someone flipped a switch, the Fall market started. It seems like a repeat from last year. The signal is as clear as the Snowbird’s last flyby…a salute to the end of summer holidays and return to the high stresses of multiple offers. Agents are out preparing listings while contractors, painters, and stagers stand at the ready. Our offices are stocking up on coffee in preparation.
Listings are up. Not just a little. Last week we saw new listings double to just over 400. The largest increase took place in the east core where sellers took to the market in droves. New listings were up a remarkable 500% while calmer heads prevailed in the west with a more realistic 53% increase in listings. With all the new activity one would expect increased sales activity however it appears that all the new listings just gave buyers more choice. There is also a subtle factor that is often overlooked. In a response to low listing levels over the summer, most new listings have offer dates for the following week. This means that, if we are right, next week there will be a substantial spike in the number of sales in the core. It will be interesting to see if we move the needle higher than the current 50% level for homes sold at or above the list price.
The condo sector, still the shining star of Toronto’s real estate market, performed slightly better. Listings were up by a very reasonable 37% while sales backed off by only 22% from the week earlier. A full 16.5% of all sales happened at or above the list price. Still, our research indicates that condos located in more neighbourhood-y locations, particularly lofts, continue to outperform large downtown towers. Clearly, buyers are making lifestyle choices and are willing to pay slightly more for something other than the sky-high experience.Sept