The month of June showed slight signs of cooling down as compared to previous months but overall, the market has continued to show strong gains on a year over year basis. It is not uncommon for the summer months to slow down a bit as most of us start to enjoy the warmer weather and longer weekends. However, don’t confuse a slight slow down with a slow market. Let’s take a closer look!
The average price of a house sold in Markham during June was down slightly from its peak in May. The average selling price in June was $712,070. When compared to the average sold price during June of 2013 which was $656,700, we are up by 8.4%. Detached homes are up 13%, Semi-detached houses are up 10.7%, townhomes are up 11% and condo are up by 4.1%. On a year-to-date basis, we are up more than 12% with all housing types combined. Any way you look at it, the market is doing well.
Comparing total sales volume vs available inventory, you’ll notice that sales are just slightly lower and total inventory is up a bit as compared to the month of May. The ratio of sold listings vs total inventory currently sits at 57%, a very strong number. That very same ratio last June was only 45% by comparison. Once again, strong sales vs less available inventory has fuelled increased prices and these trends will likely continue through the end of the year.
If you’ve been thinking about making a move this year and are ready to take the next steps, feel free to give me a call at 416-995-5542 or leave your contact info below and we can discuss an appropriate strategy for your current situation.