The real estate market in Newmarket has shown some interesting trends over the past year. According to the HPI data, the benchmark price for all property types in Newmarket was $1,175,800 in January 2024, with a slight decrease of 0.45% compared to the previous month. However, when compared to the same month last year, there has been a small increase of 0.06%. This suggests a relatively stable market with minimal fluctuations in average property sale prices.

In terms of sales volume, there were 67 properties sold in January 2024, a decrease of 2.99% compared to the previous month. However, when compared to January 2023, there was a slight increase of 1.52%. This indicates a relatively steady sales volume in the market.

The average days on market (DOM) for properties in Newmarket was 36 days in January 2024, an increase of 20% compared to the previous month. However, when compared to January 2023, there was a significant increase of 50%. This suggests that properties are taking longer to sell in the current market.

The sales price to list price (SPLP) ratio remained consistent at 98% in January 2024, indicating that properties are generally selling close to their listed price.

Overall, the data suggests a balanced market in Newmarket, with stable average property sale prices and sales volume. However, the increase in average DOM indicates that properties are taking longer to sell, which may indicate a slightly slower market for home sellers. Home buyers may have more options to choose from and potentially negotiate better deals.

Read the full article on: Toronto Regional Real Estate Board