We've been watching small condos take it on the chin for months with lower average sales prices coupled with large numbers of units on the market. But in February the average sales price for 1 bedroom and 1 bathroom condos was $743k. This was the third straight month where average sales prices have increased compared to the previous month.
Similarly, 2 bedroom, 1 bath condos average sales price in February was $1,098k, the third month of month-over-month sales price increases.
We're still a long way from pre-pandemic average sales prices in the $800k range for one bedroom units and high $1100k range for two bedroom, one bath units. But, still if we see mortgage interest rates come down later this year as predicted maybe we'll look back and see this as the start of a trend.
