The Markham real estate market continued with strong gains in the month of May. Competition among buyers remained very tight as total inventory remained fairly low levels.
Total sales for the month were up by 4.6% as compared to May of 2013 but total inventory was down by over 27% fuelling more, impressive price growth. On a year to date basis, we are also well ahead of last year. So far this year we have seen 1985 total sales as compared to 1863 at the same point last year and as you might expect, we’ve seen less available listings as well.
So how did this all affect average prices in Markham? Month over month yielded an impressive jump of 16.1% to an average of $739,692 while on a year-to-date basis, we are trending at 10.6% above last years average price. Considering May was the peak of the spring market and typically the most active time of the year, the question remains “how long can these prices increase for?” Personally, I would expect the gains to continue but with the summer market approaching, overall conditions should soften a little….but who knows in this crazy market!
If you’re planning to put your home on the market this year and aren’t sure whether you should buy first or sell first, give me a call, or maybe you’re a first time buyer and you’re getting very frustrated with the market? 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]