Inventory remains low and prices continue to climb! That’s the story in the Markham real estate market during the month of February, 2014. Market condition in Markham have been favouring a seller’s market thanks to low inventory and continued low mortgage rates. The extended winter conditions have also likely contributed to the lack of available listings.
So far this year, Markham house prices are up 5.5% over the average house price in 2013. On a month over month basis, prices are up a whopping 11.9% to $671,708.
Last month, 281 houses were sold, up marginally from 271 sales last February. However, at this time last year there were 685 homes to choose from as compared to only 550 homes last month. That’s almost 20% less listings on the market.
Sooner or later, most home sellers will realize how well the market has been performing and as those homeowners rush to market, available listings will increase and market conditions will most likely stabilize. The only question is, how long before that happens?
If you’re planning to put your home on the market this year and were waiting until the spring, do it now! There are plenty of active buyers out there with nothing for them to buy. That means a better price for you! Feel free to give me a call and we can discuss an appropriate strategy for your current situation. I can always be reached directly at 416-995-5542 or by e-mail at [email protected]
