THE MARKET
The rebound that we’ve seen in the market in the last 60 days is absolutely astounding!

According to the Toronto Real Estate Board, the volume of sales in May 2009 is up by two percent over May 2008. Selling prices are still slightly less than they were last year, but we’ve come a long way, considering that in Cornell and other pockets of York Region, we saw selling prices drop by about 10% between the spring of 2008 and the end of that year. According to TREB, Selling prices are now down by just 1% year over year.

It’s a tremendous Seller’s market right now. Buyers, excited by the lowest interest rates we’ve seen in years - if ever - are out in droves looking for homes to acquire. I’m amazed by how many multiple offer situations we’ve had in Markham in the last month. Who knows it if will last? The news is still full of doom and gloom about job losses close to home and the poor economy around the world. Regardless, it’s been proven that over the centuries that there is no better long-term investment than real estate.

CORNELL
I specialize in Cornell, so here are some numbers that may be of interest to home owners or potential buyers in this area:

Original Cornell: In May, the average Selling price of detached homes in original Cornell was $433,291 (with prices ranging from $335,000 to $562,000), and the average days on market was 41 (the shortest being 1 day, the longest being 85 days).

Upper Cornell: To the North, in Upper Cornell, the average Selling price of detached homes was $380,950, and the average days on market was 62. It should be pointed out that there were only two detached home sales through TREB in Upper Cornell in May, and one of those was sold by the Leslie Benczik Team for $410k, which was 106% of asking!

Grand Cornell: Just north of Highway 407 and south of Highway 7 in Grand Cornell, the average Selling price of detached homes in May was $368,500, and the average days on market was 22.

Cornell Rouge: To the East, in Cornell Rouge, there was only one sale of a detached home in May through TREB. Again, it was sold by the Leslie Benczik Team and it sold for $480,000 after 10 days on market.

In 2009 to date, the Leslie Benczik Team has done 22 transactions in the Cornell area.

Please don’t hesitate to call or write with any questions on the real estate market in Cornell or Markham!


Susan Taylor
Salesperson
susan@getbenczik.com
905-477-7766