October 2013 Market Watch

Welcome to Market Watch your local market update from Pennington’s Perspective. The market information provided is based on sales activity in Northumberland from statistics provided by the Northumberland Hills Association of Realtors.

The overall inventory is up just slightly with 174 new listings compared to 170 to last year. However residential listings included in this figure of 118 has decreased by 5.6% compared to 125 last year.

89 units in total were sold in October, which is a 21.2% decrease from last year with 113 units having sold during the same period of time. Within this residential sales were down by 21%.

So although sales volume is down over last year, it’s important to remember that because Northumberland is a smaller sized community with a lower number of properties exchanging hands, a few less deals completed in a given month can make a big difference in year over year sales comparisons.

Another important factor in the market is the overall value. Properties in Northumberland continue to gain with year-to-date figures showing an increase of 10.2% in average value of properties sold and an increase of 9.5% for residential properties, which is one of the highest increases in value year over year that we've experienced in recent years. Showing that Northumberland continues to offer a strong and stable housing market with regular appreciation.

For more information on the Northumberland housing market or to find out the value of your property contact Jacqueline Pennington at pennington.remax@gmail.com or 905-375-0062

*Sales statics and data based on Northumberland Hills Association of Realtors October 2012-October 2013 sales.