The real estate market in Markham, through the end of June 2013, has continued to make strong gains with average prices reaching new heights. Last month, the average sale came in at $656,700 which is a stong increase over May's average of $637,203 and represents a 2.5% increase over the same month last year. Those gains bring the year-to-date average up to $624,824. By comparison, the year-to-date average for the City of Toronto is $569,753.
Most sellers should be thrilled to see these numbers, however, it's not all good news as the total number of sales are down while inventory remains quite high. This means that the homes that are selling are doing quite well, but many homes are sitting unsold and the market still seems to be somewhat balanced and possibly heading towards a buyer's market. The total sales vs active listings ratio has fallen to 44.6% from 47.2% whereas last year, the ratio was 51.5%.
The average time it took to sell a home in Markham during the month of June remained reasonnably low at 21 days as compared to 20 days in May. The upcoming summer months of July and August are typically a little slower meaning that there are typically less sales and homes can take a little longer to sell. Will that hold true for the next 60 days? Time will tell and we'll see if our market continues to defy the odds.
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 416-418-9568 or by e-mail at firstname.lastname@example.org.