It seems the real estate market in Markham has finally cooled after what seemed to be never ending record price growth, month after month. The government’s fair housing regulations have definitely had an impact. While the market is still quite healthy, things have changed and there’s no telling how long this will last before things pick up again. The average price for a detached home in April was $1,204,092 and dipped to just $1,096,131 with the highest impact seen in higher end homes.
Compared to last May, prices were still up 9.8% and 21.2% year-to-date. The average time it took for a home to sell was also quite reasonable at 11 days but the biggest difference was the large increase in new listings, up over 28% compared to last May. This is likely due to large number of sellers rushing to market to try and take advantage of the pique price growth but unfortunately, it’s already too late.
The question is, if you’re planning to sell, do you put your home on the market now and try to take advantage of today’s price if things continue to trend downward or wait it out on the hunch that this dip is only short term. Nobody can really say for sure as there’s a lot of uncertainty in the market at the moment. The one thing I can say for sure is that it’s a great time to buy, if you don’t have anything to sell but if you do, it would certainly be a wise move to put your home on the market first and buy second with our inventory on the rise.
Check out the latest sales stats for Markham from May 2017 below.
Markham Real Estate Sold Statistics During May 2017
- The average sale price in May 2017 was $1,096,131. Up 9.8% over the same month last year.
- The average sale price to date this year is $1,151,629. Up 21.2% over last year.
- The average time it took for a house to sell was 11 days compared to 9 days the month prior and 12 days last May.
- There were 388 total sales last month. Down 45.4% over the same period last year.
- There were 1,324 new listings last month. That’s an increase of 28.4% and a sale to new listing ratio of 29.3%
- The month prior, the sale to new listing ratio was 76.9%.
- The average sold price for detached homes last month was $1,580,570 with 173 homes sold.
- The average sold price for semi-detached homes last month was $898,095 with 21 homes sold.
- The average sold price for townhomes last month was $905,242 with 45 homes sold.
- The average sold price for condo apartments last month was $487,981 with 101 units sold.