Setting The Stage For 2019
February 6, 2019
Setting The Stage For 2019 – January began on the right foot with a total of 4,009 homes being reported sold, a 0.6% increase compared to January 2018. In York Region, Markham led the way with a total of 150 transactions in January while Stouffville recorded 20 transactions. Toronto Real Estate Board President Garry Bhaura did indicate that “it is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month.”
The average home price for all home types in the GTA continues to show strong increases year over year. January 2019 saw the average price for all types increase by 1.7% to $748,328. However, when we compare the average price of December 2018 to January 2019, we notice that there was a slight decline of 0.2%. Markham also saw its average sale price for all properties decline by 4.8% ($810,644), while Stouffville saw its average sale price increase by 13.8% ($978,715).
The less expensive and higher density low-rise home types continue to drive price growth within the GTA. The condominium apartment market’s average sale price was up by 1.7% year-over-year.
Overall, new listings in January were up by 10.5% over the same period last year to 9,456. This suggests that optimism amongst sellers has increased in 2019 and many are once again excited to sell their home. The luxury home market operated at a different level from the rest of the Greater Toronto Area in 2018. Last year there were only 25 sales of luxury detached homes in Markham. The average sale price was $3,510,688 with the highest sale being $5,600,000. In Stouffville, there were only 4 sales all year and the highest sale being $4,600,000.
What Does This All Mean?
The market has started off strong in January showing that buyers are willing to move from the sidelines. With the increase in listings, sellers are optimistic about what 2019 will bring. Market conditions will support a return to positive price growth in 2019. While the ongoing interest rate discussions will be something to closely monitor during the beginning of 2019 as affordability is on the top of everyone’s mind.
* Setting The Stage For 2019 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.