Newmarket Real Estate Update – Oct Mid-Month
Today I’d like to bring your attention to the town of Newmarket which is the administrative center of the York region, and also the city I am living. I want to give you a snapshot of the Semi-Month update for the real estate here. You know the market is changing faster nowadays and I do think it’s worth my follow-up more closely. I hope such information will be helpful to those who plan to sell or buy homes in Newmarket in the coming months.
Let’s get into it, I will talk about Sales, Price, Inventory, and Lease
Sales of Newmarket Real Estate Semi-month in Oct
Oct Semi-Month Sold 35 units, keeping the same pace in Sep. As we know Sep 2022 sold 75 units, it’s the lowest Sep number since 1997;
Price of Newmarket Real Estate Semi-month in Oct
Oct Semi-Month the average price came to 1 million per unit. Such the price is also related to 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. I will let you guys know whether the price still stands at One Million per unit at the end of Oct
Inventory of Newmarket Real Estate Semi-month in Oct
Oct Semi-Month Active Listings were 149 units, two months of Inventory. I notices lots of listings were changing prices and I actually counted the listings one by one as there are different categories in our system I found out that in Oct first half Month approximately 37 units, ¼ of active listings changed their prices to lower, and still, 5 listings, 3% of active listings changed price higher, which telling me Some Sellers still applied the strategy the Pricing Lower Than Market when listing. When it is not working the Seller will change the price back to a higher one which represents what they want.
In the hot market like early this year you know, almost 90% of listing prices were much lower than the sold price. Pricing Lower Than the Market when the listing is such a nice strategy for the Seller when the market is crazy rising! Why because people are emotional and Fear of Missing Out!
Now the market is slowing down to get into the Buyers’ market, and The Fear of Missing Out disappear too. It’s very important for the Seller to understand what is the best strategy in a different market.
Lease of Newmarket Real Estate Semi-month in Oct
Oct Semi-Month there were 33 rented units. What I noticed it: For the whole year of 2021 the rented units only account for 1/3 of the Sold units, but in 2022 there were more inventories for rent, for the first 3 quarters up to now the rented units are 2/3 of the sold units, The total rented units year today is 649, has been over the whole rented units in 2021. That’s why some economist forecast rental increase momentum will go down as more and more rental units will be resulting from unsold listings.