February sales are a great indication that the spring market is starting up. With 72 Sales for the Month*, only down 12 from February 2008, we have seen a healthy number of sales in Newmarket for the month. However, there is of course more to the story. Even with a large jump in sales volume over January's figures, there was also 384 active listings during February, which is up 160 from February 2008... an increase of nearly 72%.
The increase in listing inventory is what is causing the average price to drop as there are more and more sellers that will have to sell. The Toronto Real Estate Board (TREB) reports that the average and median sale price in Newmarket was $335,497.00 and $320,450.00 respectfully for the month. These figures translate to an average price drop of $8,785.00, or 2.5%, from the same time last year and a median price drop of $8,050, or 2.45%.
The only major issue we will see in our local area is if/when job loss figures start to rise. With Magna international announcing job cuts there may be a large number of local people starting to feel the pinch.
Fun Fact: February sales ranged from a clean little 1 and a half storey home on Andrew St, which sold for $220,500, to a large 5 bedroom home on Stonehaven's Lockwood Circle which sold for $670,000.
*All statsistics are collected from the Toronto Real Estate Board's MLS sold statistics.
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