Okay, weekly 👀 at Sold-Over-Asking (SOA) numbers in the 416. I manually track this one way to heat-check the market, and I noticed back in wild 2017 that you could see things changing on a weekly basis. Same holds true now. First off here's Freeholds selling 20% or more OA.
Maybe the 25% in the one week was a bit of a fluke (you can see things are jagged and not purely linear. But you can see definite downturn since week ending March 15 (19%). So this has cooled off. /2
Now to regular SOA (I use 1% or more OA for this. I said that last week's 67% may have been a fluke too. But the 46% last week (ending Sundays) is a definite cooling indicator. It's the lowest since January. Even if it was a bit flukey low and next week it bounces up to 51%... /3
It's still at a lower level that what it was operating at. This whole "set an offer date and wait for multiple offers to start a bidding war" strategy is harder to pull off when you don't have as many people coming to visit now, as would-be buyers are isolating. /4
Condos, you ask? Similar story. Sold 20% OA has returned to range of most other years, after several weeks of "second only to wild spring of 2017" numbers. The SOA 20% chart turned ⬇️before the regular SOA with Freeholds. Same with condos? /5
About the same. Maybe 20% turned a week earlier. Similar to Freeholds, the Condo mark last week (39%) was the lowest since January. So we are definitely cooling off with this measure. #TOre #torontorealestate /6
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