How’s the Markham real estate Market doing? Here’s your up-to-date Markham real estate market update for August 2014.
August was a bit of slow month in terms of total sales. We saw 394 MLS listings change hands which was well below the 484 sales in July and 468 sales last August. While total sales were down, so was the available inventory. Last month there were 769 homes for sale on the market equating to a 51.2% sales to active listings ratio. That same ratio was 53.5% last August and 58.5% in July.
So far this year the Markham real estate market has seen a total of 3367 sales which is ahead of last year’s pace of 3268 sales but new available listings are considerably behind by more than 400 listings. This shortage of listings is what’s mostly responsible for the surge in average house prices so far this year.
The average selling price in Markham during August 2014 was $724,448. That’s up 14% compared to August of 2013 and year-to-date, we are trending at an 11.5% gain. Prices have been increasing at an incredible rate and the question always remains: How long will this continue?
Considering that sales are ahead of last year’s pace and available listings are well down, I would expect to see more listings hit the market as we approach the fall season. If this happens, there will likely be a little less upward pressure on house prices so if you’ve been thinking about selling your home, now is still very much a good time to do so.
If you’ve been thinking about making a move this year and are ready to take the next steps, feel free to give me a call at 416-995-5542 or leave your contact info below and we can discuss an appropriate strategy for your current situation.