We had to double check the date on the calendar this week to see that it wasn’t July yet! Mother earth has blessed us with glorious sunny hot weather. Take a stroll and you will find the patios brimming with people and copious amounts of beverages being consumed. It seems that Sellers are finally getting with the program and as is typical after a long weekend both freehold and condominium listings jumped substantially last week. The trend we have been watching carefully is the number of sales that are occurring above their list price. In both the condo and freehold market that number is hovering at an average of 60% above the list price. Does that sound like we have a shortage of listings?
We can collectively hear home buyers breathe a sigh of relief as more listings came to market. Across the city, freehold listings jumped by 42% to 315 units. That exuberance was not evident in the number of sold properties as they were down by 39%. The east end of Toronto once again is the HOT spot for activity with 76% of properties selling at or above the list price.
The resale condo market also saw a nice 27% increase in new listings with 353 units coming to market with the bulk of them in the central core. Sales however backed off by 33% last week. The end result of more listings and fewer sales meant that the number of units selling in multiple offers was at 58% of list. This week the hotspot has shifted west where nearly half the condos sold in the west core sold in multiple offers.