The Port Hope Market is Crashing?!

What if I told there was no truth to the above heading? It might surprise you to know that when it comes to Real Estate and the media, there is often a lot of inaccuracies and sensationalism.

No one town has likely experienced more of that in the past few years then the Community of Port Hope. Just when we think the negative media attention surrounding the real estate market and Port Hope Area Initiative has died down, another article pops up featuring catchy headlines and terrifying housing outlooks for local citizens.

After reading a recent article, I felt it was time another perceptive be given on the Port Hope market, because contrary to popular belief it’s not as bleak as the headlines might have you think.

One article noted that the volume of sales were down, taken from data in 2000-2001 versus data from 2010-2011. The article focused on this one year to one year comparison to draw a pretty bleak picture of market conditions. The article’s conclusion was that as a result of the Port Hope Area Initiative project, the market is taking a downturn, and I believe provided the impression that the worst is yet to come. Or is it?

In my opinion, the current data from the Northumberland Hills Association of Realtors certainly provides a different perspective.

The year-to-date sales last year, from January 2011-September 2011, had 139 units sold. Whereas compared to this year to date 197 units were sold. This is a 42% increase. Now I know what you’re thinking. Of course sales are up in terms of volume, as who wouldn't buy a home in Port Hope when they are selling below their values as articles have indicated.

Now would it surprise you to know that not only have sales increased by a whopping 42% in Port Hope but using the same year to date period as sited above, the value of homes in Port Hope has actually increased by 7.7%.

Full disclosure, I’m not a mathematician or professional analyst of any kind but even I can figure out that a 42% increase in sales and 7.7% increase in average sale price, are not signs of a bad market. But maybe I’m just a glass half full kinda gal.

So there you have it. The facts, and a friendly reminder; don’t believe everything you read or hear in the media regarding real estate. They offer intriguing articles, but shouldn't be considered your only source of information of the local real estate market.

For another perspective, you can call upon me.