...some condo stats for all areas.I find the difference between the two MOI numbers staggering. New condos aren't selling at a rate that will make developers keen to build more and re-sales aren't suffering from increased inventory, yet.
broke down into two groups for comparison purposes.
Group one - Condos built in 2007 and later.
648 listed for sale with an average 46.6 sold per month for a 13.9 month supply. Number of new listings in the last 90 days is 429 of which 72 have sold for a sales to listing ratio for new condos of 0.17
Which may be compared to group 2 which are condos built in 2006 or earlier.
574 condos listed for sale with an average 57.4 sales per month for a 4.4 month supply of older condominiums. Number of older condos listed in last 90 days is 771 of which 268 have sold for a sales to listings ratio of 0.35
You can see that the demand for older condos is significantly stronger than new ones. Although neither group would be considered a stellar performer - especially for a spring market.
Is there anything definitive we can take from these stats? I'd say two things:
- people aren't buying new condos because there isn't perceived value in them or they just can't afford the price per square foot, and
- people are still buying re-sales because they can get more for less