Happy New Year and a Prosperous 2013!
As a follow up with the Neighbourhood Watch article on Liberty Village Condo Prices which focused on January – October 2012, lets take a look at the last two months of 2012 and how condo prices compared to the rest of the year.
27 housing transactions were closed in the month of October which is relatively on par with 2011 numbers, compared to 15 and 9 for November and December respectively. This represents a 40% decrease in housing transactions per month compared year over year. Normally coming to the end of the any year, the number of housing transactions tend to slow due to seasonal changes and holiday preparations, however in 2012 the slow down has come one month earlier. The remaining two months of 2012 has seen a 44% and 40% drop in activity, where as 2011 remained steady until the December month.
Even as the demand has slowed month over month in Q4 of 2012, prices in the Liberty Village area has risen with 12.75% yearly increase in average price from 2011 for all property types. November average prices increased by 6% to $429,300, while December showed signs of weakness due to normal seasonal slowdown and decrease in activity and saw a decrease of 4% to $410,333 from 2011.
Taking a look at the year over year( YoY) average price by suite type, prices have increased across the board with one bedroom and one bedroom + den being most popular. The largest YoY average price increases were seen in the one bedroom + den, 2 bedroom + den and studio type suites with increases of $51,798, $38,645 and $29,844 respectively. The amount of time to sell a condominium or townhouse unit in the Liberty Village has decreased over-all by 15% as well, with the only increase in duration to sell was the more higher priced unit type of two bedroom + den.
Looking at 600-699 sq ft units, the 1 Bedroom units prices have increased by 4.1% or $13,000, taking 21 days to sell; and for 1 Bedroom + Den units, the average price is up by over 8% or $27,000, but the average days to sell has decreased by 39% to an average of 23 days in 2012. Focusing only on 2012 we can see a continuing downward trend on prices in the latter half of 2012, where we can see a decrease in the average price of $56,750 from it’s peak in May of $369,250 to $312,500 in December for 1 Bedroom units. For 1 Bedroom + Den we can see a larger decrease of $61,000 from it’s highest selling point in July of $388,000 to $327,000 at the end of December. (Note: Last 1BR+Den was sold in November 2012).
As we look forward into the new year, speculators are wondering what will 2013 bring for Liberty Village Condominium and Townhouse prices? Based on the previous 2011 and 2012 year, it has showed a slow down at the end of 2011 with a rebound in prices in mid to late Q1 of 2012. This trend appears to be continuing from 2012 to 2013, as we have shown a average price decrease in the month of December with active listing prices increasing in the month of January. I believe the best deals to be had will be within the first three month of 2013 leading to a strong Liberty Village sales market.
What’s Available in Liberty Village Today:
Contact Nicholas Chan for more information about real estate in the Liberty Village area, to know the current value of the property you have or are interested in.
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