Midtown Condo Sales Up Slightly in May
In the midtown area sales were up with 29 condo sales this May versus 28 last year.
However the supply of resale condos in the midtown area has pickedup too with 101 units for sale at the beginning of June. This represents approximately 3 month’s supply which is the highest it’s been in a while. If you are buying a place and have to sell your condo in Midtown it’s good to allow sufficient time to sell and take into account time for your sale to close.
You should also consider taking into account that the bank needs a firm sale to provide bridging finance for your next purchase if its closing date is before the property you are selling’s closing date. If you feel more comfortable buying first it’s prudent to give yourself plenty of time to sell and close or consider selling first with a long closing to shop for your next place.
The days on market for units sold last month ranged from 2 day to 71 days. Midtown condo selling prices ranged from 94% to 110% of asking price compared with 94% to 102% of asking price for the same month last year as the market for sellers improves.
While sales in Midtown where up, sales were down on Merton in May with a total of 4 units sold, down from 10 units in April. On Merton Street generally the market is in better shape for sellers compared with other Midtown buildings as there are only with 7 units for sale but the number has been trending upwards compared to a few months back.
So hopefully we continue to see a pickup in condo sales this June as buyers take advantage of some great promotional fixed interest rates being offered by some of the major banks.