York Region Mid January Market Update Real Estate

Toronto Real Estate Board reported 1,469 sales through the TorontoMLS system during the first two weeks of January 2013.  This result represented an increase of 2.4 per cent over the 1,435 transactions reported during the same period in 2012.

 "The New Year started off on a positive note with residential sales slightly above last year’s levels,” said Toronto Real Estate Board (TREB) President Ann Hannah.  “I am cautiously optimistic about this result.  It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home.”

 The average selling price during the first 14 days of 2013 was by up by four per cent on a year-over-year basis to $459,728.

 “Continuing the trend from 2012, the low-rise segment of the market experienced the strongest price growth as competition between buyers remained quite strong,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.  “The average selling price is expected to grow in 2013, but at a slower pace as buyers benefit from more choice.”

 In the 905 Area Code 511 Detached homes were sold. This was an increase of 6.9% increase. 114 Semi-Detached homes were sold, up 10.7% from 2012. Townhouses were down 3.8% with 177 sales and Condo’s were down 5% with 115. 

 As of January 23rd 2013 there are currently 140 properties for sale in Newmarket , 144 in Aurora and 121 in Bradford. “Inventory is currently low in the Newmarket and Aurora markets” said Richard Gibb, a Real Estate salesperson with The Home Team at Century 21 Heritage in Newmarket. “Buyer’s are hungry right now and are patiently waiting the spring market, if a good home goes on the market it is quickly snapped up.”

 “The number of transactions in 2012 was quite strong from a historic perspective.  We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half.  Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home.  In the City of Toronto, the dip in sales was compounded by the additional Land Transfer Tax, which buyers must pay upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.

 2013 Should be a strong year for sales in York Region. Interest rates are low and consistent. Inventory is low and Buyer’s are ready to jump on any new homes that show good value. For more information or to search homes in Newmarket, Aurora Area click on Newmarket Real Estate 

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