The real estate market in Markham has definitely begun to heat up over the past month as the average “Days on Market” fell sharply from 42 days to 26 days. That’s still longer than the 20 days average from a year ago but most definitely a positive indicator. Prices remain steady from last month at an average sale prices of $600,356 but on a year over year basis, that’s a 3.2% increase.
Total sales volume is down from 338 sales last February to only 271 sales last month but total inventory is up thus keeping the prices fairly steady. Another aspect to consider is that total sales of detached homes are down while the sale of townhomes are up indicating a stronger precence of first-time buyers in the market. Many first-time homebuyers shied away from the market during the last half of 2012 after the goverment introduced stricter lending guidelines but appear to be making a comeback.
For a visual snapshot of the Markham real estate market, check out the charts below. Whether you’re planning on buying or selling, your strategies should be adapted to the current market. If you’d like more info on market conditions or any kind of real estate advice, feel free to contact me anytime!