With March starting off so strong and then coming to a screeching halt mid month – April was really the first full month where we could take a look at the stats and how the lockdown affected the market. Overall the Toronto market continues to be strong and while certain areas are different than others, Leslieville is one of the few areas that has actually seen a bit of an increase in value over the past 8 weeks. neighbourhoods in all of Toronto.
One of the reasons the Toronto market remained so resilient was because both Buyers and Sellers dropped out of the market at basically the same time. The number of listings were down about 65-70%, but as listings dried up, so did the amount of Buyers actively looking to buy property. We continued to have very little inventory for Buyers to choose from, and with only .8 Months Of Inventory in Leslieville for April, it was still a strong Sellers market. When the numbers hit between 4-6 Months of Inventory, that’s when you start to get a balanced market, so at only .8 Months Of Inventory, you get a sense of why pricing has remained strong.
Here are the numbers for April 2020:
- The average sale price for freehold homes was $1.2M which is an 8% increase from April of last year.
- The Total number of freehold sales were 11 which is a 60% decrease from last year. This was expected based on the slower April market.
- The average days on market was 13 which is a 13% decrease.
- Months of Inventory was only 1.2 for detached homes. .4 for semi-detached properties and .8 for townhomes. This is very little inventory which is why pricing is still strong
- The average sale price for condos was $975K which is a 30% increase from April of last year.
- The total number of condo sales was 6 which is a 45% decrease but again – we expected this number to drop severely as most Sellers decided not to list in the middle of the lockdown.
- The average days on market was 10 which is a 150% increase from the same time last year.
- Months Of Inventory for condos in April was .8. Again – very low inventory means strong prices.