Home Sales Way Up In November!

The number of home sales in Markham were way up during the month of November.  At 391 sales, that’s up over 26% from November of 2014.  The overall sales-to-new-listing ratio also tightened up significantly at nearly 76%.  A good reason for this sudden surge was likely related to the recent threat of municipalities being granted the power to charge a second land transfer tax.  Fortunately, on December 1st, the Minister of Municipal Affairs and Housing Ted McMeekin announced that the government will not give municipalities outside of Toronto the ability to charge a municipal land transfer tax.

This is great news for most of us but likely prompted many, who were contemplating a move in the near future, to speed up their schedule to avoid this extra tax.

While prices have remained strong and continue to trend well above last year’s averages, most of the gains were achieved earlier in the year and prices have remained steady, more or less, since the beginning of Summer.  Check out all of the latest real estate statistics for the month of November in Markham below.

Markham Real Estate Sold Statistics During November 2015

• The average sale price in November was $815,363.  Up 8.3% over the same month last year.
• The average sale price to date this year is $803,209.  Up 13.4% over last year.
• The average time it took for a house to sell was 24 days compared to 21 days the month prior and 25 days last November.
• There were 391 total sales last month.  Up 26.9% over the same period last year.
• So far this year, we have seen 5,079 sales.  That’s up 12.6% over the same timeframe from last year.
• There were 515 new listings last month.  That’s an increase of 28.1% and a sale to new listing ratio of 75.9%
• The month prior, the sale to new listing ratio was 62.9%
• So far this year, new listings are up 14.6% over the same timeframe from last year.

• The average sold price for detached homes last month was $1,122,760 with 173 homes sold.
• The average sold price for semi-detached homes last month was $688,386 with 29 homes sold.
• The average sold price for townhomes last month was $664,033 with 60 homes sold.
• The average sold price for condo apartments last month was $360,599 with 67 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.