Home Sales And Prices Up In March!

The momentum in Markham continued in March with strong price growth and an increase in sales.  New listings remained on par compared to last March but so far this year, total inventory is still trying to catch up.  So far this year, home prices are up 28.3% but detached homes were down slightly with the majority of the increase coming from semi-detached, townhouses and even condos saw a significant rise.

The competition for lower priced (relatively) homes has been fierce.  Most listings are attracting more than a few offers as many buyers are being priced out of a fully detached home.  The average “days on market” is remarkably low at 9 days and would likely be closer to a day or two if every listing didn’t have a specified “offer date” associated with it.  While new listings were up slightly, we’ll need to see some significant increases in this department over several months to really make a difference.

For the time being, it doesn’t seem like this momentum will slow down but the Federal and Provincial governments are currently exploring ways to make this happen, so who knows?

Check out the latest sale stats for Markham from March 2017 below.

Markham Real Estate Sold Statistics During March 2017

• The average sale price in March 2017 was $1,192,127.  Up 27.8% over the same month last year.
• The average sale price to date this year is $1,145,945.  Up 28.3% over last year.
• The average time it took for a house to sell was 9 days compared to 13 days the month prior and 15 days last March.
• There were 632 total sales last month.  Up  13.2% over the same period last year.
• There were 959 new listings last month.  That’s an increase of 1.1% and a sale to new listing ratio of 65.9%
• The month prior, the sale to new listing ratio was 74.4%.

• The average sold price for detached homes last month was $1,680,833 with 296 homes sold.
• The average sold price for semi-detached homes last month was $1,019,328 with 35 homes sold.
• The average sold price for townhomes last month was $967,831 with 68 homes sold.
• The average sold price for condo apartments last month was $503,455 with 139 units sold.

If you’re planning to make a move, contact me anytime!  To get a quick idea of your home’s value, please visit my online evaluation page.