September 16, 2019
Looking to see what the real estate market is looking like half way through September? Well, in Newmarket, there has been a good amount of action to report on in the first 15 days. Here is a quick run down of what is happening.
ACTIVE LISTINGS: Currently there is 316 active listings on the MLS, which represents all showing types from Condo Apartments, to Luxury detached freehold mansions. This is up by about 30 from the end of August, but over 110 less than there was in September 2018. However, for Newmarket this is still considered quite high, as this figure used to hover between 170 – 220 for the month of September between 2011-2015 (before the market went crazy). However, it should also be noted that here is a lot more new developments theatre being resold now, compared to 5 years ago, so an increase in the number of active listings should not be considered unusual.
SOLD: Month-to-date Currently, there has been 48 homes (of all types) reported sold since September 1. There is also 27 homes currently reported as conditionally sold as well. September sales in the years between 2011 – 2015 usually saw between 100 – 130 sales for the month, so this sales figure appears to be on track for a decent month, and I would expect it to out perform the Sales reported in September 2018, where there were only 95 sales reported in total, which again is not great considering that there is a larger stock of inventory to be selling. Average Sale price is up by nearly $40,000, since the end of August (which was already the highest average sale price for the year), with a median price also up by over $50,000. So, needless to say, there is some confidence in the market, especially in the higher end of the price spectrum.
SOLD: Year-t0-date There has been a total of 964 sales reported since January 1, which is great news as we are expecting the surpass the 1000 sale market before the end of the month. I mention this as 2018 was the worst sales year for Newmarket dating back to 2001, with only 1,115 total sales for the year. I am going to predict we close out the year with about 1,300 sales.
Hows The Market? I would say that the market is looking healthy, but there are some macro economic things that have me still a little on edge. Trade Wars, Federal Elections, and household debt levels are all outside items that can effect the real estate market by reducing consumer confidence and buying power, which could slow up sales. It’s also really hard to be a young person getting into the real estate market. Prices are high, and anything that is priced around $500,000, you are competing with investors and downsizes looking to park some equity in the bank. I fear that there could be a generational void in the local area as prices in the entry level are discouraging people to buy locally. This could have some interesting effects down the road.
I have confidence in the local real estate market, because of our proximity to Toronto which is the economic driver for the country, so don’t hesitate to make move if it makes sense. And remember, real estate is always a great LONG TERM investment for building wealth and security.
Posted by dtoombs at 6:36 AM
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