Fall Market Update

Well it’s officially fall and one of the most beautiful times of year in Northumberland County! It’s been an exciting year in the local real estate market, properties are selling quicker than ever and more properties are selling in multiple offer situations. Quick sales and more multiple offers have created a lot of buzz in the community and. So let's take a look at the statistics and the facts about the market. 
What might surprise many is that when comparing this September to last year, the total number of sales is actually down by 20.8%. Alongside the decrease in the number of transactions, this past month saw total inventory down by 14.9% compared to last year. It's been an uncommonly slow September, however with the overall 2015 market being very busy the slowdown in September is not entirely surprising. Our year-to-date 2015 sales figures show an increase of 11.4% and as they say 'what goes up, must come down'. The decrease we’ve seen in the number of transactions this past month suggests the market is balancing itself. 

The property values in Northumberland continue to climb, with our year-to-date figures showing the average sale price of residential property at $297,594 an increase of 8.3% over last year.

Many buyers are experiencing “bidding wars” something that hasn’t been a common occurrence in our market. With the inventory of listing down by 14.9% we are seeing some buyers having to compete for properties.

As of September 2015, the list to sale ratio is at 72.7% which is up from 56.1% in September last year. This means that roughly 72% of properties that go to market are sold; creating a market that is more advantageous to sellers.

As the days get shorter and the snow begins to fall we historically have seen a seasonal slow down in the market place, which in my experience will likely lead to a more balanced market. So if you’re a buyer who’s been holding out for the perfect home or are frustrated with losing out to competitive offers; keep an ear to the ground as the next few months might just be your perfect time to buy!

For more information on the Northumberland housing market or buying & selling in Northumberland  contact Jacqueline Pennington at pennington.remax@gmail.com or 905-375-0062

Information based on sales statistics from the Northumberland Hills Association of Realtors September 2014 and September 2015 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.  ©Jacqueline Pennington 2015

Copyright © 2015 Jacqueline Pennington. All rights reserved.