Welcome to the Oscar Edition of the weekly Bosley Market Insight. Last week, like a true Cinderella story, the spring market kicked into high gear with more strength than double-sided tape in an Oscar dress. Clearly The Force Awakens thanks to a strong increase in The Revenant listings. Unless you’ve been living like The Martian or happen to be Straight Outta Compton you probably have missed the fact that the real estate market is under The Spotlight at this time of year. We would be remiss not to welcome back those who have been sitting on the sidelines, especially those living in a Room on Fury Road. So it gives us great Joy to give you the latest news.
After an absence of several weeks, freehold resale listings are starting to move in a positive direction, increasing by 32.1% last week. The sweet spot for new listings across the entire core of the city is in the $700k to $1.5m range which increased nearly 60%, while sales in this category also saw tremendous activity, jumping 83%. What is interesting to note about the market is that cooler heads tend to prevail with only 60% of sales being recorded at or above the list price (compared to 76% a year ago).
The condo sector continues its positive momentum as well. Resale listings improved 21.8% last week, primarily in the central core, while sales increased by 33.5%. The majority of listings (45%) and sales (49%) fell into the $400k to $700k price range. This tends to be the price range where freehold home buyers are finding success in the search for their first home. Overall, the health of the condo market rests in the number of units selling at or above the list price. Last week that number was 25.1%.