October Market Update | PENNINGTON'S PERSPECTIVE

There is nothing more picturesque than Fall in Northumberland County. It's one of my favourite times of the year to enjoy the beauty that surrounds us!

Along with shorter and colder days, the real estate market experiences a seasonal cooldown; and this past month was consistent with what we saw this time last year. In October 2018, the number of homes sold was 128, the same as October 2017. There are more homes on the market this year with 193 new listings, which is an increase of about 8%. The average sale price is down by about 3% with the average home selling for $387,054 during the month of October 2018.

Overall there is about 5 months' worth of inventory and a list to sale ratio of 18% meaning that the majority of homes on the market are not selling. This is an indication that we are in a strong buyers' market at the moment. But nothing to be too worried about as property values have increased by 5% since this time last year. Showing although we might be slower we still continue to remain a strong market here in Northumberland.

For more information on the real estate market or for a completely complimentary free evaluation of your home, contact Jacqueline at 905-375-0062 or pennington.remax@gmail.com