The real estate market in Markham during the month of January can be summarized quite simply…prices were way up! The average house price last month was $656,060 which is up 9.4% over January of last year when the average house sold for $599,582. A great start to 2014!
Rising prices have been a direct result of very low inventory in the market. Total active MLS listings remained incredibly low as compared to December and far below the total available homes seen last year at this time. The ratio of sales to active listings was quite healthy at 47.1%. By contrast, that same ratio last January was only 32.8%.
While there is most definitely upward pressure on the average house price in Markham, the average time it took for a house to sell in January was 34 days. That’s up from 28 days in December but far less than 42 days, the average from a year ago. While the weather and the snow tends to play a large role, I expect to see that number improve quite a bit over the next couple of months.
I mentioned it last month but I’ll say it again, if you’ve 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]