In a real estate market that continues to see new signs of stabilization every month, the number of new listings in Markham in May is one of the best signs yet
According to the Toronto Real Estate Board, the total number of new listings in May were down 26.2% across the GTA, down 29.5% in York Region and down a whopping 37.5% in Markham. And that’s very good news for buyers and sellers.
When there are fewer homes on the market, it tends to increase house prices. It’s classic supply and demand. When supply goes down, demand (and price) tend to go up.
Why is That Good News for Home Buyers and Sellers?
In a market where house prices have been going down on average, a reduction in new listings can help stabilize prices. That means homeowners who want to sell won’t feel like they have to scramble to sell their home sooner than later. And home buyers can buy confidently knowing that their investment has a better chance of holding its value.
More Good Real Estate News
There was even more good news to emerge from the Toronto Real Estate Board’s Market Watch report of home sales data from across the GTA for May 2018.
While the number of homes sold in the GTA was down 22% between May 2017 and May 2018, that’s much better than the 30%+ drop reported in each of February, March and April 2018.
Closer to home, average prices for a condo apartment in Markham continued their almost non-stop increase in May, rising almost 2.5% versus last year to edge over the half-million dollar mark at $500,945.
Whether you’re buying or selling a home in Markham, Unionville, Richmond Hill or Stouffville, contact The Tar Team today