More sales in March 09 than March 08!!!!

Homes are selling!

No doubt about it, the market has been busy with activity and rightfully so when you consider that this is likely the best buying environment we have likely ever seen.

March 2009 saw 128 sales in Newmarket, which was up 10 from the month of March in 2008. Now, weather may have played a slight role in that as I seem to remember March 2008 did not have the same weather that March 09 had. Compared to February 09's sales of 72 for the month, it seems apparent that the spring market is flourishing.

However, although the volume of sales has increased significantly, so has the volume of active listings. With 379 active listing in Newmarket at the end of March, the sales-Listing ratio is still quite low @ 33.77% which still should be classified as a buyers market (under 40%).

Still being considered a buyers market, prices are down from a year ago. The average price for Newmarket in March 2009 was $335,243 down from $357,226 in 2008 and the median price for March 09 was $315,000 down from $340,000. The lower prices, in my opinion, reflect the larger number of first time buyers entering the market into townhouses, semi's and smaller detached homes. However, homes from $350,000+ range have definitely seen a drop in demand compared to years past.

March 2009 Real Estate Facts:

- In March 2009, there where 13 sales in Newmarket's more prestigious neighbourhoods of Glenway, Stonehaven, and Wyndam Village.

- The highest sale price was for a Yonge street 3 bedroom bungalow on 7.37 acres, which fetched $2,650,000.

- The lowest sale price was $95,000 for a vacant 40ft x 134ft Lot in the older part of town.