Closed Sales & In Contract for Q3 2023
30M | 1 Bed | 1 Bath | $1,608,000
28J | 1 Bed | 1.5 Bath | $1,850,000
4K | 3 Bed | 2 Bath | $2,199,800
Numbers
PPSF: $1,731 - Up 3.4%
Average Discount: 0% from original price
Days on Market: 33 - Up 52%
With 3 closed sales in Q3 of 2023, Georgetown Plaza had a slower year compared to the previous one. The average price per square foot has gone up, but these numbers are influenced by larger units selling this year compared to last. The good news is that units that were competitively priced ended up selling at or close to their asking prices. Towards the end of the quarter, the activity slowed down. This was due to decreased demand from buyers, driven by higher mortgage rates and overall economic uncertainty. Additionally, inventory was affected as some sellers withdrew their listings when they didn't receive the offers they were hoping for.
It's uncertain how the values in the building will be impacted this year, and we don't anticipate the same level of activity. However, one thing remains certain: the building's fantastic location, amenities, and condo by-laws continue to be highly desirable for buyers. Furthermore, there's usually an opportunity for an upgrade in a market like this, particularly for sellers with cash who are seeking more space. When you sell in a buyer's market, you have the advantage of buying in a buyer's market, and typically, the larger the purchase, the bigger the discount.
So, will 2024 be the ideal year for an upgrade? If you're in need of more space, this could be your chance to make a move. On the other hand, if you prefer to wait and see, renting your unit might be a better strategy. Either way, I'm here to help you navigate the market dynamics and answer any questions you may have!
