In the past 7 days*, there have been 32 reported sales in Newmarket, ranging from $296,000 to $872,000, with an average of $504,522.
What I consider to be the most amazing sales figure is the percentage of list price. The average of the 32 homes sold in the past 7 days was 101.47% of asking! In one case, a property in the Leslie Valley/Huron heights area sold for 116% of asking @ $497,000, which was $68k over asking.
With the rapid sales, and what some are considering outrageous prices for homes in areas that do not normally achieve such premiums, I am a little concerned about buyers purchasing homes that have less than 25% down, because a more thorough appraisal might have to be done and if the banks loan-value ratios don't match what the buyer offered to pay, then, the buyers will be required to come up with more money to close the deal... As a Realtor working for sellers, I will be ensuring I get a hefty deposit so that the buyers have no option to not close.
I want to close though with this. Newmarket/Aurora is a fantastic place to live and the buyers seem to be coming from the south, likely due to the prices being cheaper than Toronto/Richmond Hill/Vaughan, and as long as the immigration and population figures continue to grow, I'm not sure we will see a drastic drop in the prices... The demand seems to be there, and the option of renting just doesn't seem to be a better choice right now.
*as reported at 12:05pm March 29, 2012
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