For the most part, the Markham real estate market remained steady in September and on par with with the previous 3 or 4 months. However, on a year over year basis, the numbers remain strong. Let’s take a closer look!
When it comes to average sold prices in Markham, we’ve seen up and down fluctuations over the past few months but for the most part, they seem to be trending at a fairly steady pace. That’s a good thing, because compared to September of 2013, average prices are up by 7.2% and so far this year, we are trending at an 11.1% increase.
Three quarters of the way through this year, Markham has seen 3783 sold MLS listings as compared to 3660 sales at this point last year. That’s an increase of 3.4%, however, that trend is flipped when taking a look at new listings. Over the same period, Markham has seen 6.2% fewer new listings. So there’s plenty of homebuyers out there looking for homes, only less to choose from.
Another important thing to note from this past month was that the banks slashed their mortgage rates half way through the month providing more incentive for buyers and sellers to make a move. We’ll have to wait and see if that sparks more sellers to put their homes on the market.
The average time it took for a house to sell in Markham was 23 days in September. These numbers seem to have been rising slowly, yet consistently since May. That’s not uncommon to see over the summer months and it’s on par with September of 2013.
If you have any questions about these stats or would like to know how home sales are performing in your specific neighbourhood, please contact me. At the same time, if you’ve been thinking about making a move and would like to discuss your situation, I’m happy to help.