Average Sale Prices Increases in February
Average Sale Prices Increases in February – During February 2019 there were a total of 5,025 homes reported sold, a 2.4% decrease over 2018, but a 25.34% increase over January 2019. Out of the 795 homes sold in York Region, 23% were from Markham while 4% came from Stouffville.
The average home price for all home types in the GTA continues to show strong increases year over year. February 2019 saw the average sale price for all types increase by another 1.9% to $780,397. When we compare the average sale price of January 2019 to February 2019, we notice a 4.1% increase to the average sale price for the GTA.
Markham saw its average sale price for all properties increase by 9.6% ($897,031), while Stouffville saw its average sale price decline by 11.4% ($866,497). The less expensive and higher density low-rise home types continue to drive price growth within the GTA.
Overall, new listings in February were up by 3.8% over last month to 9,828. This suggests that optimism amongst sellers has increased in 2019 and many are once again excited to sell their home.
With two months completed in 2019, the luxury home market continues to operate at a different level than the rest of the Greater Toronto Area. As of March 1, there has only been one sale of a luxury home in Markham at $3.26 million and in Stouffville, there have been zero sales.
What Does It All Mean?
2019 has begun similarly to 2018 and it is conceivable that we could see that same pattern continue for the rest of the year. We have just been through a long winter that saw the month of February bring some stretches of very cold and snow days. The frigid weather may have impacted buyer mentality and thus delayed some purchasing decisions. As the weather warms up so will the buyers.
Other factors to consider will be the federal budget and election. It will be interesting to see what policy measures are announced to help with homeownership affordability. The ongoing interest rate discussions will be something to closely monitor during the beginning of 2019 along with TREB’s recent news about having OSFI review the current mortgage stress test.
Average Sale Prices Increases in February posted by Benczik Team Realty.
For more information on your home, visit our website and get a free home evaluation to ensure you get the best seller’s service! With experience around Markham, Stouffville, Unionville, and all of York Region, Benczik Team Realty works to serve you in the best way possible! Act now, and don’t miss out on this ever-growing market.