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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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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Darcy Toombs
Darcy Toombs

Real Estate Broker

I am a real estate Broker with Coldwell Banker The Real Estate Centre, in the town of Newmarket, which is located about 30 minutes north of Toronto, Ontario, Canada. I love my wife, our dog and my town!

Referred to as “Mr. Newmarket” by my friends, I love making sure friends, family and perfect strangers know how great a town we live in and try to get as many people involved as best I can with local events and charities.

This blog is intended to help Buyers, Sellers, Tenants & landlords better understand what is going on in the local real estate market.

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