Markham Leads York Region in Sales | Market Watch
Posted By: Rachel Kavanagh
May 6, 2019
Markham Leads York Region in Sales | Market Watch – April is now behind us and although the month may have been wet and cold it did not stop people from selling their home. April 2019 saw GTA realtors report a total of 9,042 sales. The highest number of sales since May of 2017. The number of sales jumped by 16.8% year over year and 11.3% month over month. During the month of April, the City of Markham had the largest number of sales at 382, while the Town of Whitchurch-Stouffville completed a total of 60.
Number of Sales Per Region
- City of Toronto – 3,234
- Peel Region – 1,925
- York Region – 1,468
- Durham Region – 1,075
- Halton Region – 965
- Simcoe County – 312
- Dufferin County – 63
The average home for all home types in the GTA continues to show increases year over year. April 2019 saw the average sale for all home types increase by 1.9% to $820,148. When we compare the average sale price of March 2019 to April 2019, we notice an increase of 4.04%. Price growth continues to be driven by the condominium apartment and higher-density low-rise segments. The average price for detached houses has dipped, specifically in regions surrounding the GTA.
While some communities may have witnessed a decrease in the average sale price of a detached home, other communities did not. The average sale price for a detached home in Markham increased by 6% to $1,257,635 while the Town of Stouffville had its average sale price for a detached home decrease by 14% to $914,910.
Toronto Real Estate Board President Garry Bhaura indicated, “The strong year-over-year growth in sales is obviously a good news story and likely represents some catchup from a slow start to the year. TREB’s outlook for 2019 anticipates an increase over 2018.”
Overall, new listings in April were up by 8% year-over-year to 17,205. However, it should be noted that growth in new listings is not keeping pace with sales. This suggests that market conditions continue to tighten which points toward an acceleration in price growth.
The luxury market over $3 million operates at a level far different from the rest of the market. To date, only 4 homes, with an average selling price of $3,317,097 have sold in Markham since the beginning of the year while 47 remain on the market. In Stouffville, there continues to be no property available for sale above $3 million.
What Does This All Mean?
The market performed well last month with a large number of sales. However, there are many factors to consider in the coming months. Housing affordability continues to be a topic of conversation as individuals monitor interest rates and the OSFI stress test, which is still having its effect on the home buyer’s ability to qualify for a mortgage.
If sales continue to outpace listings, we could see further price growth at a rapid pace which could mean more buyers placing offers on a home above its market value. The next few months will have valuable information to study and review.
* Markham Leads York Region in Sales | Market Watch written 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.