The Markham real estate market continues to thrive as the spring market is well underway. This past month can be generally summarized as being full of happy sellers and frustrated buyers. Why? Well because many homes have been receiving multiple offers and buyers are having a tough time finding something to buy….and even when they do, there’s a good chance they’ll have to compete for it.
While total sales have remained fairly close to April of 2013, total available listings were 22% lower, fuelling much competition. The average house price in April was down slightly from March but still remained quite high at $683,529 which is an 8.6% increase over April of 2013. On a year to date basis, Markham house prices are currently trending at an increase of 8%.
So why are there so few listings available? Well, there are a number of underlying factors but the Toronto Real Estate board suggests that many homeowners who purchased a house in the above trend period leading up to the recession, aren’t quite ready to move again just yet. On top of that, many homeowners who may have contemplated a move to Toronto, may have been put off by the extra land transfer tax (and much higher prices).
The overall sales to active listings ratio climbed again from 63% in March to 66% in April meaning that 66% of all available listings sold last month. Considering that the average days on market improved again to only 16 days on the market, the sales ratio might not seem like such a high number, but it is in fact very strong and indicative of a very strong seller’s market.
If you’re planning to put your home on the market this year and aren’t sure whether you should buy first or sell first, give me a call, or maybe you’re a first time buyer and you’re getting very frustrated with the market? 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]
