October 29, 2018

Late October Newmarket Real Estate Market update - October 29, 2018

Month to Date Numbers:
# of Sales: 104
Active Listings: 445
Average Sale Price: $760,213
Median Sale price: $723,500

The month of Ghosts and goblins is almost over and I am happy to report that the real estate market is not a nightmare… on elm street.

There is still a lot of crap on the market though, which is a large reason why the number of active listings is still quite high at 445 for all of Newmarket (all housing types), which is only up by 10 listings since the end of September. This is a very large number, especially when you compare this to the number of sales that have already been reported as SOLD Firm this month, which is currently (at the time of this writing) 104 sales. This means that of the 445 active listings, only 23.3% of listings have sold.

23.3% of listings sold indicates that we are still in a Buyers market, but it’s not a standard Buyers market that would usually indicate that prices should be adjusting downwards, and thats because of the large number of overpriced homes that are not selling because they are grossly overpriced. Pricing is very important in this market and pricing based on what is currently available can be a better tool than going by what your neighbour sold for a few months ago, or even a year ago…

The Average sale price of $760,213 is right in line with where prices have been Since around August of 2017, with a slight bump up in October/November of last year. For the most part, the average price has remained in the mid-high $700’s.

There are currently 29 properties listed as Conditionally sold, with 19 of these having conditions due before the end of the month. SO, provided these do not fall apart, we could see a large number of sales reported this month.

My take away, which really hasn’t changed much:
* Buyers, don’t hesitate to act on a property. There are several homes selling well under the asking price.
* Sellers: Be careful with your list price, especially this time of year as we only have a handful of selling weeks left this year before things really slow down for the holidays.

Posted by dtoombs at 6:36 AM


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