Newmarket Real Estate Market Update For May 2023

The Nikolay and Tatiana Team present the Newmarket Real Estate Market Update for May 2023. We would like to review the real estate activity for the month of May 2023 in our beautiful town of Newmarket. In total, 114 homes were sold, with the average price of any type of home reaching 1.248 million dollars. Of those, 73 were detached homes, with an average price of 1.403 million dollars. 12 semi-detached homes and 17 townhomes were sold this month, with an average price for a semi of 1.038 million dollars and 1.061 million dollars for a townhouse.

On the condo market, 8 townhomes and 4 condo units were sold with an average price of 844 thousand dollars for a townhouse, and 658 thousand dollars for a condo apartment. Most homes stayed on the market for slightly less than 2 weeks, that is 10 days, and sold for 106% of the asking price on average.

The Greater Toronto Area housing market continued to improve from a sales perspective this May. Unfortunately, as usual, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year and will drive home prices even higher.

If you are on the market to buy or sell a home in Newmarket, please give us a call at 647-833-8287