How's the Market doing? - June Real Estate Market Report

"How's the Market doing?" - I'm getting this question asked a lot lately. People notice that there are more "SOLD" signs out again that last year. So how is our local Real Estate really doing in 2019?

After the big drop in 2017, prices in our area have become stable. The average home price in Aurora in June 2019 was $891,331 - this is only 0.7% lower than in June 2018. Same in Newmarket, where this June's prices were at $771,735 and just a little lower than last year ($778,866 / -0.9%). The average house price in East Gwillimbury came down 3% from $802,704 to $778,401.

While prices are pretty much the same, the sales activity has significantly picked up in 2019 (see Graph 2). In 5 of the first 6 months this year, more homes have sold in Aurora than last year. In Newmarket there were 4 out of 6 months and in East Gwilimbury there were more sales in every month this year than in the same months in 2018.

So the market is healthy and somehow predictable. With interest rates staying low and stable prices, there could be an small increase in the average price point in the next 6 - 18 months, although I don't forsee any significant changes until the end of 2019.

***not intended to solicit any Buyer or Seller currently under contract with a Real Estate Brokerage***