MARKET UPDATE FOR THE WEEK ENDING DECEMBER 12TH 2014
Here’s a little blast from the past. Back in the 80’s part of our beloved Gardiner Expressway has this awesome little dip right after the South Kingsway exit. If you were travelling west and going fast enough you could catch some serious air. We only mention it because, until it was repaired, it was a sure thing... just like the continued drop in new listings over the month of December.
After reviewing last week’s numbers we saw some very interesting trends. Sure new listings are down...way down, but so are sales. Now here’s the interesting thing; while there were 63 fewer new listings last week, there were only 36 fewer sales leading us to interpret that buyers are still out there but they are digging into the standing inventory more than ever before. The hottest sectors across the entire downtown core remain the first time buyers in the $400k to $700k range, where 46% are selling in multiple offers against an overall average of just 26%.
Like the freehold market, the resale condominium sector is following the same trends. New listings are down another 95 units last week (to a new historical low of just 375 for 2014) but sales are only off by 39 units from the previous week. Keeping in line with previous weeks, nearly 22% of sold units are happening at or above the list price. This tells us that the condominium market is generally healthier than it was at the top of the Spring Market. Of course all this news leads us to believe that the Spring Market is going to be very active.