The city of Markham saw a bit of a rebound in prices during the month of December while the average days on market rose slightly to 31 days and inventory and sales were down. Of course, this is typical for the holiday season as buyers and sellers don’t usually buy or sell homes in December unless they need to. Looking back on the entire year, the average house price rose significantly from $548,898 to $605,564. That’s a 10% increase and easily the largest increase over the past 10 years.
What does this mean for Markham home prices in 2013? Well, despite what you might hear from random news articles, don’t expect a crash anytime soon as stricter lending guidelines and very low interest rates will protect the market. And I wouldn’t expect any dramatic increases either as we’ve witnessed over the past couple years. My personal expectation is that we will experience a more balanced market with moderate price growth (if any) between 0-3%.
So if you’re planning to buy or sell your home this year, your strategy will likely be very different and you should talk with your Realtor about an appropriate plan. It’s very important to know your market as circumstances can change on a weekly basis. Below you’ll find the most recent real estate statistics for the city of Markham during December 2012. If you have any questions, please feel free to contact me.
