Aurora's home sales equaled last years volume (up by 1) even though the Toronto Real Estate Board registered a record number of home sales through its MLS® system in January 2007. The average sale price for Aurora, Ontario, dropped 12.8% to $355,125. The average detached home sold for $426,186 in Jan 2007 down from $468,576 in 2006.
This shift in prices has occurred even though there is a fairly high sales to active listing ratio (52/165). It is likely that this is only a temporary blip as the active buyers for this month happened to be looking at lower price ranges than in 2006. I will be keeping a close eye on this to see if it starts to turn into an indicator of a larger market trend. Newmarket also experienced a slight decrease in average sale prices (down 3.9% from Jan 2006) even though the number of home sales increased to 72 home, from 60 last year. There is a good chance that the higher priced homes will make a comeback in February, however if they do not then we could start to see a down turn in prices.
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Andrew Hodge