How’s the markham real estate market doing?
The Markham real estate market remained fairly steady during the month of July as we hit the heart of the summer market. Summer time is typically a bit slower for real estate. I normally attribute this to two main reasons: 1) Many people are simply busier in the summer with BBQs, cottages, kids being home, etc.. and 2) Most families with younger children prefer to have already sold/purchased their home by the end of spring so that they can move during the summer months and have their children settled before the new school year begins in September.
Total inventory dropped a fair bit compared to June and was down 15.6% as compared to July of 2013. However, total sales were on par with a year ago meaning much tighter market conditions. Overall, conditions did not change too much from June. Prices dropped slightly but were still up by 5.5% on a month over month basis. Cumulatively, this year we are trending at 9.7% in increased average houses prices in Markham which currently sits at $698,475.
I don’t expect too much to change over the next month or so. The average days on market, average house price and available inventory will likely remain comparables until the fall market is upon us.
If you’ve been thinking about making a move this year and are ready to take the next steps, feel free to give me a call at 416-995-5542 or leave your contact info below and we can discuss an appropriate strategy for your current situation.
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