February 16, 2019

Mid-month Market update - February 2019

Quick update for what is happening in the Newmarket Real Estate market. 
February has been a busy month for sales in Newmarket, which is a very promising sign of things to come this spring.  So far there have been 36 sales as of the mid way point in the month and there is already 26 listings showing a  SOLD Conditionally (SC) status. 
The other promising sign is that the number of active listings is also down to 273 compared to February 2018 when there were 343 active listings. If the sales figures for the month continue and double for the whole month and active listings remain steady, we would see a sales/active listings ratio of 26.4% compared to a sales/active listings ration of 23.52% in February 2018. While this is not a large difference in the ratio, it’s a solid data point for February. 
The average price on sales for the month is currently sitting @ $712,336 and Median sale price of $704,500. This figures are down, but the average list price of the 26 properties with a SC status is currently $909,081… so I expect the average sale price to increase a fair bit by the end of the month. 
There is some discussions whirling around about the government relaxing some elements of the ‘stress test’ and allowing for longer amortization, which will help buyers get into the market!
As long as the number of active listings stays below 300 I will feel confident that the market will remain strong.  Tips to Buyers: Don’t hesitate to try an offer! Tips for Sellers: Don’t be too stubborn on your price. Get it sold and move on. 

Posted by dtoombs at 6:36 AM


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