Another month and yet another sharp increase in home prices across Markham and surrounding areas. The average Markham home sold for 28.3% higher than a year ago and the average detached home sold for $1,731,618. Again, this is all being fuelled by incredibly low inventory and interest rates that remain relatively low. Though interest rates are on an upward trend, prices won’t likely slow down until we see a large increase in available listings.
The problem is that many families are finding it difficult to move up based on the price gap between attached and detached homes and those that are actively shopping are finding it difficult to compete in what may seem like never ending bidding wars.
Check out the latest real estate statistics for Markham below.
Markham Real Estate Sold Statistics During February 2017
- The average sale price in February 2017 was $1,145,388. Up 28.3% over the same month last year.
- The average sale price to date this year is $1,098,254. Up 27.9% over last year.
- The average time it took for a house to sell was 13 days compared to 15 days the month prior and 20 days last February.
- There were 372 total sales last month. Down 5.6% over the same period last year.
- There were 500 new listings last month. That’s a decrease of 13.5% and a sale to new listing ratio of 74.4%
- The month prior, the sale to new listing ratio was 63.5%.
- The average sold price for detached homes last month was $1,731,618 with 157 homes sold.
- The average sold price for semi-detached homes last month was $976,388 with 29 homes sold.
- The average sold price for townhomes last month was $922,460 with 44 homes sold.
- The average sold price for condo apartments last month was $463,008 with 97 units sold.
If you’re planning to make a move, contact me anytime! To get a quick idea of your home’s value, please visit my online evaluation page.
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