If you sold your house last month, you likely did very, very well! The real estate market in Markham has been picking up a lot of steam as of late. Lets take a closer look at the numbers!
House prices have been increasing at a very rapid pace since the beginning of the year and last month was no exception. The average sale price was $695,998 which is a whopping 16.7% increase over March of 2013. On a year over year basis, we are currently trending at 7.8% in increased home values. Multiple offers have started to surface again and many listings have started to hold offers until a specified date.
If the market wasn’t hot enough already, most of the major banks recently made fairly large cuts to mortgage rates prompting more buyer activity. In March, 430 houses were sold as compared to 354 a year ago and inventory, while increasing month over month, remained very low at only 681 MLS listings as compared to 885 MLS listings in March of 2013. Those numbers translate into 63.1% vs 40% sold vs active listings…a very strong seller’s market.
Naturally, with all these strong sales numbers, the average time it took for a house to sell also dropped to only 17 days…21 days was the average last year.
If you’re planning to put your home on the market this year and were waiting until the spring, do it now! There are plenty of active buyers out there with nothing for them to buy. That means a better price for you! Feel free to give me a call and we can discuss an appropriate strategy for your current situation. I can always be reached directly at 416-995-5542 or by e-mail at [email protected]