The real estate market in Markham has shown some signs of strength during the month of January as the total number of sales were almost on par with sales figures a year ago. In January Markham saw 204 sales as compared to 216 last January. Slightly down, but not nearly the slide experienced during November and December which saw 263 and 164 sales as compared to 326 and 235 sales last year. Far from a “hot” market, but definitely some positive news.
The average selling price of a home is slightly up to $599,582, a small bump from December and an 8.9% increase on a year over year basis. One very noteworthy statistic to pay attention to is the “average days on Market” in Markham which is up considerably to 42 days. The highest we’ve seen in a very long time. One contributing factor to this is that the total number of active listings in January was 621 homes as compared to 429 homes last year. That’s simple supply and demand. If this trend continues over the coming months, we shouldn’t see too much upward pressure on prices and the market should remain somewhat balanced.
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!