Defying the predictions of some industry observers, August was the month where home buyers and sellers continued the trend that has perceived Real Estate sales records broken in every month of 2015.
Across Toronto and the GTA, average selling prices increased almost 10% in comparison to a year ago for the majority of home types. This range included detached, semi-detached, condos and town homes. The total number of units sold increased 5.7%, in the same time period to 7,568.
Looking more closely at Markham, it is a similar story. The average selling price for all types of homes increased 9.3% from August of 2014, to $791,943. However, the story does not end there! When it comes to the number of homes sold, Markham outpaced the overall GTA numbers to boast a 16.7% increase, ending the month with a total of 460 home sales.
A Healthy Real Estate Market by the Numbers
The record-setting markets in Toronto and Markham have been the topic of many conversations and predictions. Yet, the actual numbers all point to a healthy market for both buyers and sellers.
With regards to the changes in the numbers of new listings for both the August numbers, as well as the active listings at the end of the month, it is greatly evident just how vigorous and active the market remains. The “New listings” number indicates how many homes were put on the market in August. “Active listings” shows how many homes remained for sale at the end of the month, regardless of when they came on the market.
In Markham, while the number of New listings increased almost 14% in August versus 2014, the number of active listings at the end of the month actually decreased by about 1%. We can then proclaim that, while many more homes were brought onto the market in August, the increase was consumed up by those wanting to move into Markham.
For homeowners who are thinking of selling, the numbers can certainly determine that the demand for homes in the area is continuously growing.
In regards to home buyers, the numbers are proof that considering buying into Markham’s residential real estate market continues to be a quality investment.