Market Update for Cornell (January 2023)
Welcome to the quarterly Cornell Market Update, your source for in-depth real estate insights in your neighborhood. We understand the importance of staying informed about the latest market trends, and that's why we're dedicated to providing you with hyper-local real estate information. Whether you're a current homeowner in Cornell or considering a move, this newsletter will keep you up-to-date with the latest sales, market trends, and insights in your neighborhood. With our "Get local, stay updated" approach, you'll have everything you need to make informed decisions about your real estate investments. So sit back, relax, and enjoy your quarterly dose of hyper-local real estate information.
The Average Property Prices in Cornell
| Detached | Semi-Detached | Townhouse | Condo-Townhouse |
|---|---|---|---|
| $1,502,340 | $1,090,470 | $1,113,175 | $768,086 |
The Trend
The chart below shows the average prices for different property types in Cornell, Markham, through 2022. As you can see, the average price for properties peaked in February and declined until July/August. Since then, the prices have relatively stabilized to December and into 2023.
Keep in mind in the past several months the number of sales have also been historically low which can skew the average price month-to-month.
This information can be helpful for buyers and sellers as it helps to provide a sense of the current market conditions in Cornell. It is important to remember that these averages may not reflect the specific price of any particular property, as prices can vary based on various factors such as location, size, and features. However, this chart provides a helpful overview of Cornell's overall market trend for different property types.
Month’s of Inventory: 1.8
Months of inventory is a metric used in real estate to indicate the supply of properties available for sale compared to the demand from buyers. It is calculated by dividing the number of properties available for sale by the average number of properties sold per month. A low number of months of inventory suggests that the demand is high and the market is competitive, while a high number indicates a surplus of supply and a more favorable market for buyers.
Sold Properties in Cornell
In Q4 2022, Cornell's real estate market saw a total of 43 properties sold. These properties, known for their prime locations and top-notch amenities, attracted buyers looking for both comfort and style. If you're interested in learning more about these sold properties or other available options in Cornell, reach out to us today.
