Welps, here’s a snapshot of downtown #condostats over the past 7 years.
New listings have never been as high as they have been over the last quarters.
They haven’t taken this long (~5 weeks) to sell in 5 years.
And ofc prices are averaging what they did about 3 years ago.
This is presumably due to the fact that not only have short term rentals declined significantly, but people don’t need to work, and therefore live, downtown either. The rental market has been precarious with many landlords not receiving rent or being able to evict either. (Not to mention how untimely it is to share a couple of elevators with hundreds of people).
When things loosened up a bit in the summer, the market received an onslaught of condo listings — effectively snowballing into this buyers’ market.
While sales are up, they just aren’t measuring up to the number of new listings. However, there will be less new listings since evictions are restricted again – and then possibly a dramatic spike when that changes.