It seems like the Markham real estate market is defying the odds once again. The extremely low inventory has kept the pressure on prices translating to a 27% increase over the same timeframe last year. The Toronto Real Estate Board recently released their annual report forecasting that home prices in the GTA will increase by an average of 10%-16%. It seems, at least so far, that the new mortgage rules have had very little effect on the market…on prices anyhow. New listings are down almost 20% as many homeowners are finding it unaffordable to move up to a larger home, yet the demand is still there.
Check out the latest real estate statistics in Markham for January 2017 below.
Markham Real Estate Sold Statistics During January 2017
- The average sale price in January 2017 was $1,025,196. Up 27.1% over the same month last year.
- The average sale price to date this year is $1,025,196. Up 6.4% over last year.
- The average time it took for a house to sell was 15 days compared to 20 days the month prior and 26 days last January.
- There were 240 total sales last month. Down 6.8% over the same period last year.
- There were 378 new listings last month. That’s a decrease of 18.7% and a sale to new listing ratio of 63.5%
- The month prior, the sale to new listing ratio was 136.5%
- The average sold price for detached homes last month was $1,521,337 with 103 homes sold.
- The average sold price for semi-detached homes last month was $975,327 with 7 homes sold.
- The average sold price for townhomes last month was $912,224 with 28 homes sold.
- The average sold price for condo apartments last month was $412,139 with 67 units sold.