A Comparison of Single Detached Homes Sold in Markham (N11) October 2009 to January 2010, to the same time the previous year (See Chart Below)
| Oct 08 | Oct 09 | Nov 08 | Nov 09 | Dec 08 | Dec 09 | Jan 09 | Jan 2010 | |
| Median Value $ | 482000 | 542000 | 476500 | 530000 | 450750 | 555000 | 433250 | 570450 |
| # Homes Sold (detached) | 61 | 136 | 46 | 109 | 30 | 68 | 32 | 78 |
|
Number of Active Listings |
552 | 175 | 148 | 354 | 99 | 369 | 121 |
Let me first say that this chart as with all newsworthy items regarding real estate is meant only for discussion purposes in highlighting market trends of Single Family Homes in Markham. It is a 'general' indicator of where the market is and may have been. However, it cannot and does not give individual house values. That can only be determined by doing a Comparative Market Analysis.
The charts shows the market's median price point for a single detached home in Markham. This number is the half way point in the prices of homes sold. It is the number where fifty percent of the homes sold for more money and fifty percent sold for less. I consider this a better indicator than 'average' house prices in predicting the 'trend' in house values. Why? Because, if more of the higher priced homes are sold the average price will be higher. The same would be true if more lower priced homes are sold.
With the exception of the first quarter in 2009, the number of homes sold and median house values were much higher than the 2008 figures. January 2009 is indicative of this and also highlights a \'true\' buyers market, with only 32 transactions and 369 actively listed homes. Alternatively, current figures suggest we are in a seller\'s market.
As we moved from October 2009 to November 2009 the number of homes sold was fewer and that was also reflected in the value of the homes, dropping from $542,000. to $530,000. As fewer homes were on the market in December 09 i.e. only 99 compared to 148 the previous month, prices appreciated to $555,000.
This trend, indicative of a seller\'s market continued into January 2010 as only 121 single detached homes were actively listed for sale and 78 homes sold.
Currently, (as of mid February 2010) 154 single detached homes are actively listed on MLS in Markham\'s N11 and 42 detached homes have sold this month. Are we heading toward a more balanced market? Stay tuned.