Welcome to “Pennington’s Perspective: Annual Market Update” where we look back on 2016 and on how our local real estate market performed. 2016 was one of the most interesting years I've seen since joining the industry. Multiple offers have become a common occurrence as we welcome to Northumberland County more and more of our neighbors from the GTA. Near the end of 2016, the Canadian Real Estate Association ranked Northumberland Hills as the #4 highest sellers market in all of Canada! It's no surprise that the beauty and charm of Northumberland is attracting buyers.
In 2016, 1,426 homes were put on the market for sale compared to 1,549 in 2015. This is a 7.9% decrease in overall inventory. Within the inventory offered for sale, 1,170 properties were sold, compared to 1,143 sales in 2015. This was a slight 2% increase in unit sale volumes. While sale volumes were stable, with limited inventory and a rapid increase of buyers, 82% of the homes listed were sold compared to 71% of listed homes in 2015. This increase in demand drove up sale prices and we saw double digit appreciation of values; the average home price increased by 16.5% over 2015. If you’re considering making a move or just wanting to stay informed of the value of your investment, I’m always happy to provide a complementary market assessment. Please contact anytime at firstname.lastname@example.org or at 905-375-0062