Markham, Richmond Hill, Vaughan - Condo Price and Trends

Friday Apr 24th, 2020

Share

The following chart is tracking recent trends in the condominium market in Markham, Richmond Hill and Vaughan.

To compare apples to apples only one and one plus one units are being tracked.

The data is tracked starting September 1, 2019 to illustrate the most recent trends and the impact of Covid-19 on this segment of the real estate.

Initially I was going to do weekly chart but the sales volume as of right now is so low that the charts would be meaningless, therefore the charts are prepared based on semi-monthly intervals, with volumes so low the data may be skewed regardless but I think it gives a good indication of what is going on in this segment of the market.

Please see comments for previous period under the charts.

 

Comments for May 15, 2020.

Volume.

In the first half of May 2020, 21 units were sold, this compares to 67 units sold in the first half of March 2020, a decrease of 69%. 21 units sold represents slight increase over first half of April (19), and second half of April (15), but the increase is not significant to signal change in the volume trend, for now the volume stayed very low.

Sold to list ratio.

Sold to list ratio currently sits at 100%, this is inline with previous months. Unit at 9015 Leslie street was priced way below market value at $299K and sold at $405K, 3 other units sold above asking (within 6% range), 17 units sold just below asking.

DOM.

Days on the market increased significantly to 28 days, last month DOM was 17, second half of march was 12.

Average Selling Price.

The average selling price for the one and one plus one bedroom condos in the area for the first half of May 2020 was $499,448, a slight up tick of 0.6% from the second half of April.  The peak price of $526,715 was in the first half of March 2020, a decrease of $27,267 or 5.2%. Currently the average selling price compares to January 2020 and has held steady over the last 6 weeks.

First half of May 2020 seems to be a continuation of the market condition from the beginning of April 2020, with the only significant change being increase in DOM from 17 to 28, volume remains quite low although it appears to have rebounded from the slowest period of the second half of April.

 

 

Comments for April 30, 2020.

Volume.

In the second half of April 2020 only 15 units were sold, this compares to 67 units sold in the first half of March 2020, a decrease of 77%. First half of April 2020 had 19 sales, 4 more than the second half of April 2020, the volume of transactions indicates the continuation of the trend from the first half of April, basically both buyer and the sellers are on the sidelines, nothing is moving.

Sold to list ratio.

Sold to list ratio currently sits at 99%, no change from the first half of April 2020, a confirmation that the strategy of setting the price low and creating a bidding war is no longer working.

DOM.

Days on the market stayed constant at 17, no change from the first half of the month, this is inline with what was happening up to the end of January, but an increased in comparison to crazy market of February and first half of March.

Average Selling Price.

The average selling price for the one and one plus one bedroom condos in the area for the second half of April 2020 was $496,533, a slight up tick of 1.4% from the first half of the month.  The peak price of $526,715 was in the first half of March 2020, a decrease of $30,182 or 6%. Currently the average selling price compares to January 2020.

Given the extremely low volume I think it’s too soon to state the slight uptick in average price is an indication of any trend reversal, the second half of April is a continuation of the market condition from the first half of the month.

Comments for April 15, 2020.

Volume.

In the first half of April 2020 only 19 units were sold, this compares to 67 units sold in the first half of March 2020, a decrease of 71%.

Sold to list ratio.

Sold to list ratio currently sits at 99%, a confirmation that the strategy of setting the price low and creating a bidding war is no longer working.

DOM.

Days on the market increased to 17, this is inline with what was happening up to the end of January, but an increased in comparison to crazy market of February and first half of March.

Average Selling Price.

The average selling price for the one and one plus one bedroom condos in the area was $489,684 in the first has of April 2020, the peak price of $526,715 was in the first half of March 2020, a decrease of $37,031 or 7%. Currently the average selling price is almost identical to the first half of January 2020.

If you would like a report with trends for a particular segment of the market please contact us.

 


Post a comment