October Market Update

Welcome to the first addition of your monthly market update from Pennington’s Perspective. The first week of every month I’ll provide an update on sales activity in Northumberland based on statistics from the Northumberland Hills Association of Realtors.

The overall inventory (residential and commercial) is up slightly with 170 new listings, compared to 166 this time last year. However, residential listings have slightly decreased year over year, with 125 vs. 134 last year (a drop of 6.7%).

In October, overall sales were 113 units; a 13% increase from last year’s 100 units. Within this, residential sales were up 6 units (or 6.7%).

So, what does this mean? Although residential inventory for sale is slightly down (down 6.7%) the volume of sales continues to remain strong (up 6.7%). If you’re having hard time finding the home that’s just right for you; be patient, it just might take a little longer for the right house to hit the market.