The Markham real estate market showed signs of slowing down as compared to the past few months but on a year over year basis, the market continues to defy all the naysayers. Lets’s take a closer look!
The average sale price in August was $635,653. That’s down from the average $655,820 sale price in July but up by 3.6% over the same time last year. On a year to date basis, we are currently trending 3.9% higher than last year’s average sale and I would realistically expect average prices to somewhat continue that trend into the fall and winter seasons.
Total sales also dropped from July but that’s not much of a surprise for the month of August as many families were focused on the “back to school” season. In comparison to last August, however, sales are way up. Last year, a total of 315 homes were sold while last month a total of 468 homes sold. That’s a 49% increase! It seems that the market was simply playing “catchup” though, since the year to date sales are now on par with last year’s numbers.
Over the recent weeks, the fixed mortgage rates have started to increase and I wouldn’t be surprised to see sales continue at a solid pace while buyers rush to find a home before their pre-approvals and rate holds run out. However, this may have more of an impact with first time buyers and the lower end of the market. We’ll have to wait and see.
While the number of sales were up, so was the average time it took for a home to sell. Up from 24 to 28 days. Buyers have had more time to shop around and the slight drop in price is a reflection of this. Moving forward, I would expect this number to drop again.
If you’re planning to sell or buy a home in Markham over the next few months, please 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]
