After prices dropped slightly in May and June, the average selling price in July rebounded and seems to be holding steady at just under a million dollars! Year-to-date, Markham’s average annual price is up by whopping $156,000, the highest annual increase Markham has ever seen! The question, as many people often wonder, is will this continue?
While prices softened a bit over the summer, as compared to the late winter and spring market, many homes are still benefiting from multiple offers and the amount of available listings still remains quite low. While I do not expect the market to continue to rise at the same pace we experienced in the first half of the year, I do expect prices to at least hold steady and wouldn’t be surprised to see them increase a bit more before the end of the year.
The summer months can typically be a slower time for real estate sales in general as many families prefer to sell in the spring and move in the summer so that the transition to new schools aren’t made in the middle of a school year and many people take extra vacation time to go up North, etc..
The average sale to active listing ratio remains quite high at 85% since it piqued in May at a crazy 99.6% so while the market has definitely softened a little since then, it’s still a seller’s market and homes that present well are still flying off the shelf.
If you have any questions about the market or how it might affect your situation, feel free to contact me anytime! Check out the latest sales stats from July 2016 below.