#VerityUpdates – Leslieville Market Update March 2020
This update is a little bit different from any other updates because we had a lockdown and a State of Emergency declared in the middle of the month.You might be wondering how this affected our market, so let us tell you what we’ve been seeing.
Prices have reverted back to what properties were selling for at the end of the year and into January of this year. The inflated selling prices we experienced in February to mid-March are gone, which in our opinion is a good thing because they were INSANE and unsustainable.
Properties are still selling for strong prices but they are selling closer to market value which, we believe, is better for both, Buyers and Sellers. We are still seeing strong sale numbers during this pandemic. Here are the numbers:
- The average sales price for freehold homes was $1.227M which is a 15% increase from March of last year.
- Total number of sales was 20 which is a 16% decrease from last year.
- The average days on market was 7 which is a 53% decrease from last March.
- The average sales price for condos was $765,295. That’s a 14% increase from March of last year.
- Total number of sales were 11 which is a 8% decrease.
- The average days on market was 5 which is a 17% decrease from the same time last year.
We believe the decreases we are seeing in both the number of sales and Days On Market are a direct result of the lockdown we experienced in March. Properties stopped being listed and buyers stopped going out on showings, so it’s understandable that these numbers would decrease as a whole. We think we’ll see these numbers continue to decline in April.