Well it’s been a bit of a crazy start to the year thus far as we’ve been experiencing HUGE jumps in housing prices throughout Markham and we’re seeing a very strong sellers market at the moment. I hinted at this in my January report though the numbers didn’t quite reflect it yet.
House prices are up by 17.7% over the same month last year and already trending nearly 7% above last year’s average. There hasn’t been a noticeable lack of new listings either as new listings were up 17.5% but still not keeping up with demand as total sales were up by nearly 30%!
Simply put, there are a ton of buyers out there right now and not enough supply to meet the demand so most homes are selling with multiple offers. As a prime example, I sold a townhome in Cornell last week that received 8 offers and sold for nearly $100,000 more than the same model sold for in August on the same street.
The market in Markham has been doing well for quite some time with low interest rates and plenty of demand but now that our dollar is so attractive to many newcomers, that’s just adding buckets of fuel to the already, large fire!
Can this continue? Well, there’s no signs of it slowing down anytime soon but if you’re thinking about selling your home, I’d recommend hitting the market as soon as you can since the inventory will surely increase of the coming months.
Check out the latest Markham housing stats from February below.
Markham Real Estate Sold Statistics During February 2016
- The average sale price in February was $893,072. Up 17.7% over the same month last year.
- The average sale price to date this year is $858,850. Up 13.4% over last year.
- The average time it took for a house to sell was 20 days compared to 26 days the month prior and 27 days last February.
- There were 393 total sales last month. Up 29.7% over the same period last year.
- So far this year, we have seen 651 sales. That’s up 32.3% over the same timeframe from last year.
- There were 578 new listings last month. That’s an increase of 17.5% and a sale to new listing ratio of 68%
- The month prior, the sale to new listing ratio was 55.5%
- So far this year, new listings are up 13.6% over the same timeframe from last year.
- The average sold price for detached homes last month was $1,1243,643 with 182 homes sold.
- The average sold price for semi-detached homes last month was $756,400 with 27 homes sold.
- The average sold price for townhomes last month was $715,074 with 46 homes sold.
- The average sold price for condo apartments last month was $411,398 with 82 units sold.