If you are buying or selling a home in the Markham area, it is important you understand the current real estate market. The market is continually changing and its current status will affect many of your buying and selling decisions.
For example, if it is currently a buyer’s market, it means there are more properties available on the real estate market than there are buyers. This means that buyers have the upper hand as there are a larger inventory and less competition. Many sellers may be desperate to sell their properties, allowing buyers to purchase homes at incredible rates.
Let’s take a look at some of the current trends in the Markham area, and what you can expect if buying or selling a home in the near future.
Homes are Selling Quickly
In the Greater Toronto area, Markham is ranked eighth for selling homes the fastest. On average, a home will remain on the market for just 22 days, with some moving at a much faster pace. This means that if you have a home that stands out and has many of the features that home buyers are looking for, you may experience a fast sell.
Home Prices are Declining
The current trend shows that the average home prices in the Markham area are declining. The average price for a home in this area is $864,000. In the month of June, single-family home prices saw a 7.9% decline. In the past year, home prices have also declined. One year ago, you would see a four-bedroom home in this area priced at $1.3 million whereas three months ago, this same size of home was on average listed at $1.2 million.
Condo Prices are on the Rise
While prices for a single-family house are gradually declining, condo prices seem to be going up. During June, statistics show that condo prices jumped up 7% more than where they were three months ago. This means that a two-bedroom condo three months ago averaged at $566,000, and today it averages $609,000.
The Markham Housing Inventory is Large
Throughout the month of June, there were more than 700 new listings. While the homes for sale range in type and price, more than 350 of these listings sold. This means that no matter what size, location, and price range you are looking for, you are likely to find exactly what you need.
If you have any questions about the current real estate market in Markham, call real estate agent Martin MacFarlane today. He is ready and willing to answer all of your buying and selling questions.