Sales Are Up, New Listings Are Lacking In Markham

While the average sale price and total sales have shown signs of slowing down over the summer, they are way up compared to last years numbers.  In August, the average house price was up over 19% as compared to August of 2015 and totals sales were up over 26%.  By contrast, new listings were down by 3.1% which is why most homes have been selling with multiple offers.  With the new 15% foreign buyers tax recently implemented in Vancouver, I’m sure that has sent more buyers to the Markham area.  The average amount of time to sell a home, however, has been trending upward but that’s fairly typical for the summer market.  The next couple of month should paint a clearer picture of where the market is heading.  Personally, I feel like the rest of the year may stabilize as far as prices go, but you never know!

Check out the latest sales stats for August 2016 in Markham below.

Markham Real Estate Sold Statistics During August 2016

• The average sale price in August was $943,398.  Up 19.1% over the same month last year.
• The average sale price to date this year is $957,632.  Up 19.2% over last year.
• The average time it took for a house to sell was 19 days compared to 16 days the month prior and 20 days last May.
• There were 581 total sales last month.  Up 26.3% over the same period last year.
• So far this year, we have seen 4,362 sales.  That’s up 13.4% over the same timeframe from last year.
• There were 683 new listings last month.  That’s a decrease of 3.1% and a sale to new listing ratio of 85.1%
• The month prior, the sale to new listing ratio was 65.3%
• So far this year, new listings are up 0.5% over the same timeframe from last year.

• The average sold price for detached homes last month was $1,389,991 with 254 homes sold.
• The average sold price for semi-detached homes last month was $827,677 with 27 homes sold.
• The average sold price for townhomes last month was $840,568 with 51 homes sold.
• The average sold price for condo apartments last month was $394,153 with 148 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.