Noted business professor Aaron Levenstein once quipped that ‘statistics are like a bikini. What they reveal is suggestive, but what they conceal is vital’. As big fans of statistics (and bikinis) we couldn’t agree more that’s why, every now and then, we like to look back a year and do a little market comparison to see if anything has changed. This week we “reveal” our findings.
It’s funny how everyone seems to complain about the lack of listings. The truth of the matter is that last year at this time there were nearly half as many freehold listings available on the market. Sales continue to be strong year over year although comparatively the percentage of sales to listings last week was 51.7% vs 72.1% for the same week last year. The numbers indicate that demand may have slipped until you also consider the fact that both weeks recorded the same percentage of deals happening at or above the list price (59%).
The condominium sector is more interesting. Available new listings are up by about 48% from the same week one year ago while sales are up by nearly 65%. Clearly the condominium sector has beaten all expectations. Where a year ago 20% of sales were trading at or above the list price, last week that number was 28%. Our research indicates that most of this is a result of first time buyers choosing condos over homes, due, in part, to affordability as well as lifestyle choices.