The Newmarket real estate market and the real estate market across the Greater Toronto Area experienced a robust October.
The Toronto Real Estate Board recently released real estate figures that showed a strong real estate market continued in October, with robust year-over-year sales, and average price growth of approximately 10.5 per cent year-over-year.
There was a combined 8,804 home sales reported for October 2015. This result was up 3.3 per cent compared to October 2014. TREB MLS® sales through the first ten months of 2015 amounted to 89,071, which also represented a record result and a 8.06 per cent increase compared to the first ten months of 2014.
Furthermore, there continues to be relatively low inventory in homes for sale, with active listings at the end of October still down compared to last year. This means the market is leaning towards being a sellers’ market.
In Newmarket in October, the average price for a detached home was $708,165. To put into context, the average sale price for a detached home in Newmarket was $607,833, a year ago. This amounts to a 14.1% increase from the previous year.
“While October was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into 2nd month of the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s Director of Market Analysis."