Newmarket Real Estate Market Oct 2022 Update – Sale Kept Low, Price Higher, Still Low Inventory for Sale but High for Rent
Today let’s look at Newmarket Real Estate Market Oct 2022. as I mentioned in my last video, I will do the semi-month update to follow up on the fast-changing market here. Let’s get into it!
A total of 82 residential units was sold in Newmarket in Oct 2022
In the 2nd half of Oct the real estate market got more robust and the total sold units came to 82, 7 units more than in Sep, as we know sold units 75 in Sep 2022 was the lowest Sep number for the recent 25 years since 1997, Oct is the lowest number for the recent 21 years!
Is there a benchmark here? Yes, the 25-year average sold units in Oct is 105 units.
Also, Oct Sold units 82 is -58% lower than the same month last year
Year to Oct total sold units is 1001, -40% lower than the same period last year
Newmarket Real Estate Market Oct 2022! let’s come to price: Average unit price came to 1.14 million in Oct 2022
The average home price went to 1 million temporarily for the first half month, but with more units sold in the 2nd half month, the final average home price for Oct is a 1.14millio per unit. Such the price is also still 14% higher than prices in the two important historical dates, the first is April 2017, and the second is Jan 2021, for the 3 years and 9 months Between the two dates the price went down first and then got back.
Now let’s come to home inventory: 149 Active Homes for Sale at end of Oct in Newmarket
There were 149 units of active units available for sale, 1.8 months of Inventory. Among the active listings please note:
- About 25% has been lowering the price once or more than once
- About 4% still taking Price-lower than market strategy
- This means 43 Units ever did price changing, and among which 37 units lower their original price from 20k to 250k depending on how high the original price is. Still, there were 6 units that tried Priced lower than market price strategy first they bumped their price to the real price they want to get.
- 149 units is still a low number compared with the 25 years of an average number of 195 in October, 429 is the highest number in recent 5 years and it happened in Oct 2018.
Newmarket Real Estate Market Oct 2022! After talking about the sale let’s come to the rental market, when the home Sale cooled down home Rental got heated, and We noticed Some homes have been transferred from for Sale to For Rent!
- There were 75 rented units in the month of Oct in Newmarket, 91% of the sold units
- in 2021 the total rented units is 632 units, only accounting for 1/3 of the sold units;
- For the year to Oct 2022 the total rented units is 691, equivalent to 70% of the Sold Units
- We still have more available units for rent now, 171 units are available for rent at end of Oct, which is more than 149 active Listings for Sale.