Northumberland Housing Market Update-January 2018

January 2018 is on the record for being one of the coldest months in decades. As temperatures plummeted to negative double digits, the local real estate market took a negative dip along with it, and sales dropped by 56% over the previous January. Only 38 homes in all of Northumberland sold last month! The number of listings was also down by 8% from a year earlier. 

Now it's not all bad news, as we have continued to see stability in our values with the average price at $435,409, which is up by 7.9% over January of last year.

The good news is as the temperatures start to rise again the market appears to be warming up right alongside with it. We've seen an increase in the number of listings and sales this past week. New mortgage approval requirements came into effect in January as well, but there are signs that the dust has settled after the mortgage changes and buyers are starting to return after a long winter's hibernation. 

If you're thinking of selling this Spring, now is the best time to have your Realtor in to see what you can do to get the most from your home. Contact Jacqueline directly at 905-375-0062 for your complimentary market evaluation.