The January 2013 real estate sales figures have just been released by the Great Toronto Area Realtors. Last month, there were 4,375 transactions processed through the TorontoMLS system. From a historical perspective, this represents a 1.3% decrease in sales in a year-over-year standpoint; however, the average sale price last month was $382,648, which represents a 4.3% increase over the same period.
According to Ann Hannah, president of the Toronto Real Estate Board (TREB), "The rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market."
Jason Mercer, TREB's Senior Manager of Market Analysis, adds that "there will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year."
Markham has continued its trend of being a very active city within York Region, making up 204, or a quarter, of the 821 total existing home transactions within York Region last month. Detached homes (49%) and condominium apartments (16%) made up most of the transactions within Markham.
Are you interested in exploring Markham's real estate market? Speak with a knowledgeable and experienced Century 21 King's Quay sales representative today.
(Graphs in this post courtesy of the Toronto Real Estate Board.)