The spring real estate market in Markham in now well underway and all signs point to a very active market. Sellers should be happy with the prices they’ve been receiving and buyers should be happy with the selection. Let’s take a closer look!
The total number of active listings in Markham during April was 997, a steady increase over March and a 20.9% increase over the total inventory in April of 2012. The total number of sales are almost identical on a year over year basis at 547 sales last April compared to 541 last month.
The average house price has recovered nicely from the past few months and represents a moderate 2.2% increase over the same period last year. This is quite noteworthy since the inventory has been way up. More selection can often have a downward pressure on house prices. Most definitely a great sign given all the recent “doom & gloom” predictions in the media. The average time it took to sell a home remained the same at 21 days.
So what does this all mean? Well, if you’re a buyer in this market, it’s a great time to buy if you think you might be very picky or looking for something unique as the supply of homes is plentiful and should continue, at least for another month or two. If the type of home you are looking for is fairly common and timing doesn’t really matter, then it might be a good a idea to hold off for a couple of months to see if things cool off a bit.
If you’re a Seller, then I wouldn’t waste any time in getting your home on the market NOW.While you might have more competition at the moment, you shouldn’t have any trouble getting a great price for you home as long as you take the proper steps to stand apart from your competition.
For a visual outlook of the Markham real estate market, I’ve compiled the most recent statistics in the charts below. If you have any questions, please feel free to contact me anytime.
