The Markham real estate market continued to adjust in July. Total sales were down and the average time it took for a home to sell was longer but the average price rebounded a bit from June. The average price in June dropped 9.1% compared to May but July’s average price increased by 4%. While the average price in July was mostly on par with July of 2016, this could be an indicator that we’ve already seen the worst.
The Ontario government recently announced the results of a study confirming the Toronto Real Estate Board’s findings that foreign buyers, in the GTA, are minimal. This would tend to indicate that the recent slowdown has been mostly speculative with buyers taking a step back to observe the market. The summer market isn’t always the best indicator as sales, overall, will generally be slower but as we move through September, we should have a better idea of where the market is going and how these new “fair housing” regulations will affect things.
Personally, I suspect that things will likely pick up after Labour Day as I believe both buyers and sellers will have more confidence to jump back into the market. If you’ve been looking to purchase or move up to a larger home, I would say that right now would be your best bet as prices have already softened and interest rates are on the rise. It also appears that detached homes have been hit a little harder thus making a move upward, could be a little more manageable.
Check out the latest sales statistics for Markham from July 2017 below.
Markham Real Estate Sold Statistics During July 2017
- The average sale price in July 2017 was $1,001,282. Up 0.4% over the same month last year.
- The average sale price to date this year is $1,117,546. Up 15.9% over last year.
- The average time it took for a house to sell was 20 days compared to 16 days the month prior and 16 days last July.
- There were 231 total sales last month. Down 57.1% over the same period last year.
- There were 690 new listings last month. That’s an decrease of 9.2% and a sale to new listing ratio of 33.4%
- The month prior, the sale to new listing ratio was 32.2%.
- The average sold price for detached homes last month was $1,477,487 with 98 homes sold.
- The average sold price for semi-detached homes last month was $860,500 with 19 homes sold.
- The average sold price for townhomes last month was $773,586 with 22 homes sold.
- The average sold price for condo apartments last month was $471,851 with 61 units sold.