June 2015 Market Watch

Here we are half way through the year which is an excellent time to check-in on Northumberland real estate market activity. With properties selling quickly and multiple offers becoming more common, this has been a very interesting and promising year for local real estate values. The market information provided is based on sales activity in Northumberland from statistics from the Northumberland Hills Association of Realtors.

Historically, the month of June is the beginning of the seasonal slow-down in real estate as most consumers focus on their kids finishing the school year and making summer vacation plans. However, June 2015 saw a record-breaking increase in the number of sales with 695 properties changing hands! This is an increase of 17.2% over June 2014, and residential sales alone were up by 19.2%. We also saw 226 new listings hit the market, which is a slight decrease of 6.8% over the same period of time last year. 

The average sale price in June was $297,936, which is a 3.9% increase from the previous year's figure of $286,240. The appreciation of real estate in Northumberland has averaged 3.3% per year over the past 10 years, so the 3.9% increase as of June is just slightly above average. 

Overall, Northumberland continues to be a very busy market and all statistics and figures point to healthy growth this year. Nearly 70% of residential properties that go to market are being sold which is a 33% increase over last year. This is called the list to sale ratio and it is an important figure as it demonstrates that for the first time in recent years, Northumberland appears to be experiencing a Sellers' market where the vast majority of inventory is being sold.

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 2013-2014 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 Rouge River Ltd., Brokerage. 

Copyright © 2015 Jacqueline Pennington. All rights reserved.