Markham Market On The Rise?

The real estate market in Markham is not on fire, that’s for sure.  But how bad is it?  If you compare February’s numbers to the same month in 2017, you’ll notice huge discrepancies.  The average price was down 17%, total sales were down over 50% and the average days it took to sell a home was more than double.  However, one thing to remember is that we were experiencing a ridiculously hot market in the first 3 months of 2017 where every record was consistently getting crushed.

Prices are definitely down from last year, but there’s a good chance that January may have been “rock bottom” as February’s numbers  seemed to be trending upward, although not by much.  From what I’ve been able to see in the first two weeks of March, it seems like the market may be starting to pick up some momentum.  The one thing that doesn’t seem to have changed much is that higher end homes are still moving much slower than the lower priced homes in the market, especially condos.

Since sales numbers, overall, have been quite low, a lack of high end sales will make the “average price” a little more skewed.  Taking all this into account, the gap between semi-detached/townhomes and detached homes has definitely narrowed.  If you’ve been contemplating a move to a larger home, now is as good a time as I’ve seen.

Check out the latest numbers for the Markham real estate market from February 2018 below.

Markham Real Estate Sold Statistics During February 2018

• The average sale price in February 2018 was $947,643.  Down 17.3% over the same month last year.
• The average year-to-date sale price  was $913,963.  Down 16.8% over the same period last year.
• The average time it took for a house to sell was 28 days compared to 37 days the month prior and 13 days last February.
• There were 184 total sales last month.  Down 50.5% over the same period last year.
• There were 495 new listings last month.  That’s a decrease of 1%.
• The total months of inventory was 4.13.  The month prior, the total months of inventory was 4.54.

• The average sold price for detached homes last month was $1,253,188 with 86 homes sold.
• The average sold price for semi-detached homes last month was $810,213 with 8 homes sold.
• The average sold price for townhomes last month was $804,468 with 28 homes sold.
• The average sold price for condo apartments last month was $492,619 with 42 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.