February 3, 2017
The numbers are in for January 2017, and it’s little surprising to see the amount of sales and the average price for a detached house finally cracked $1,000,000 for the first time ever in Newmarket’s history.
**All numbers and prices reflected in this post are for freehold detached homes only**
January is typically a slow month in real estate, as families are on vacation, and people are just getting into the flow of the new year… this year is very different with a very competitive buying environment with multiple offers on almost everything!
37 of the 50 sales were at 100% of asking, or higher! The highest ratio was 151% for a very nicely renovated 3-bedroom bungalow on Srigley street which backed onto a conservation area. It sold for $340,000 over it’s $659,900 asking price! wow!!!
The question I get asked a lot is, when will it change to be more favourable for Buyers? To which I usually reply, “Remember, it’s still only January. This is typically one of the slowest months for new listings, second only to December. March-June are the very busy months for inventory levels. This is a supply and demand crisis, which has fueled the price surge… Have patience.”
Here is a look at the look at the sales/new listing numbers from 2015 & 2016
Click here to view the data
The above graph shows that the peak months for new listings coming to the market is between March & June…. but those are also the most active months for sales too…
Posted by dtoombs at 6:36 AM
Posted in market-data ,newmarket ,real-estate-market