Markham Housing Market Remains Stable in September

There was no major change to the real estate market in Markham in September.  The average price was up just slightly but based on the few number of sales we’ve been seeing, this number can be a bit misleading.  Prices pretty much remained the same.  The total months of inventory, meaning how long it would take to sell all the current listings (assuming no new listings) jumped up from 3.2 to 3.5 months as new listing increased at a slightly higher pace than sales.

The average price in September was down by 0.5% compared to last year but on a year over year basis, prices are still up by 13.6%.  That’s quite a healthy gain but nothing compared the 30+% we saw during the spring.

The government is expected to implement yet another set of mortgage tightening guidelines in the coming weeks which could potentially effect the market even further.  We’ll have to wait and see if, and when this might occur and if it has any further impact on prices.

Check out the latest housing stats for Markham from September 2017 below.

Markham Real Estate Sold Statistics During August 2017

• The average sale price in September 2017 was $959,134.  Down 0.5% over the same month last year.
• The average sale price to date this year is $1,088,433.  Up 13.6% over last year.
• The average time it took for a house to sell was 27 days compared to 28 days the month prior and 16 days last September.
• There were 276 total sales last month.  Down 44.5% over the same period last year.
• There were 793 new listings last month.  That’s an decrease of 8.4% and a sale to new listing ratio of 34.8%
• The month prior, the sale to new listing ratio was 45.4%.

• The average sold price for detached homes last month was $1,358,328 with 116 homes sold.
• The average sold price for semi-detached homes last month was $871,769 with 16 homes sold.
• The average sold price for townhomes last month was $814,731 with 22 homes sold.
• The average sold price for condo apartments last month was $486,369 with 78 units sold.

If you’re planning to make a move, contact me anytime!  To get a quick idea of your home’s value, please visit my online evaluation page.