December 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 month of December is typically slower for overall sales volume, with buyers and sellers focused on preparations for the holidays.  

This year saw the overall inventory down slightly by 16% with 68 new listings compared to 81 last December. Residential listings included in this figure decreased by 12.3% down to 50 compared to 57 last year.

57 units in total were sold in Northumberland this December, which is an 8.1 % decrease from last year when 62 units were sold. Within this, residential sales were down by 17.9% compared to 2012.

Although sales volume continues to be slightly down over last year, it’s important to remember that based on population size a lower level of properties are exchanging hands in Northumberland. This can lead to greater percent differences in month-to-month and season-to-season unit sales.

Another important factor in the market is the overall value. Properties in Northumberland continue to gain in value with a year ending increase of 9.6% in average value of properties sold. Residential properties increased by 9%, which is one of the highest annual increases in value that we've experienced in recent years. Northumberland ended 2013 strong and forecasts suggest we will continue to see market growth and stability into 2014.

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

Information based on sales statistics from the Northumberland Hills Association of Realtors 2012-2013 sales data as interpreted by Jacqueline Pennington. The opinions expressed in this blog are solely those of Jacqueline Pennington and do not represent those of the Northumberland Hills Association of Realtors or RE/MAX Lakeshore. 

 ©Jacqueline Pennington 2014