(This Report is prepared by the Real Condo Investors Team)
There were 1,856 new high rise sales in April 2013, down -43% from April 2012 and down -3% from the April 10 year average of 1,906 sales. The best April on record for high rise sales was April 2011 with 3,328 sales.
Through the first 4 months of 2013, unit type market share remained similar to previous years with the most sales being 1 Bedroom + Den units with almost 33% of the market. 1 Bedroom units were next with just over 24% of the market so far in 2013 followed by 2 Bedroom units also at just over 24% market share and then by 2 Bedroom + Den units with almost 9% of year to date sales. Studios are just under 6% of total high rise sales so far this year.
Remaining inventory at the end of April 2013 was 22,136 units. That's a new record high, up +3.3% from last month and up about +21% from April 2012.
Breaking down the new record high 22,136 units of remaining inventory at the end of April by construction status we get 13,154 units (59%) in pre-construction projects; 7,753 units (35%) in projects currently under construction; and 1,229 units (6%) in completed projects.
In the under construction classification, there are currently 242 projects representing some 63,237 units under construction. Therefore with only 7,753 unsold units, the vast majority (88%) of units under construction have been sold.