February Market Update

The Northumberland Real Estate market continues to heat up with another record breaking month for February!

During the month, 72 homes were sold, which is up 4.3% over February 2015.

The average sale price for February was $323,461, which is up 24% over the same period the previous year. Now, before we get too excited about home values it is important to remember that in a smaller market like Northumberland (where only 72 homes sold during the month) that the average sale price can be skewed significantly as a result of a small number of higher end homes selling or a reduction in the number of less expensive homes trading hands. In the month of February, 7 homes sold over $500,000, which contributed to the higher average sale price.

Another factor driving up transaction prices is bidding wars. As we have only just left winter behind, there is a lack of available inventory and many buyers are scrambling to find a home.

If you are considering selling your home this is one of the strongest sellers' markets I have seen, so there is no better time to list!

To find out the value of your home contact Jacqueline Pennington at pennington.remax@gmail.com or 905-375-0062

Information based on sales statistics from the Northumberland Hills Association of Realtors February 2015 and February 2016 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.

Copyright © 2016 Jacqueline Pennington. All rights reserved.