After nearly a decade in real estate, I thought I had experienced most elements of the market. That was until 2017, which can only be summed up as a roller coaster. 2017 began with a flurry of activity never seen before in Northumberland, and Realtors and clients alike were scurrying to understand and adapt. Because Northumberland has a diverse range of a real estate available (from condos, farms, cottages, and everything in between) that were each impacted differently, it became more important than ever to be in tune with the fast pace of changes that were occurring.
The spring market of 2017 saw the average price at a half million dollars, and many homes were sold in multiple offer/bidding wars.
By the summer, the market had undoubtedly settled. In most areas, we saw average monthly sales decrease by one hundred thousand dollars from the peak prices seen in the spring.
And with the vibrant colors of the fall in the County, the market returned to a more stable position with monthly sales prices averaging the mid-four hundred thousand range.
As the year came to a close, we saw a 21% increase in the value of homes over the previous year. A total of 1,355 homes sold in Northumberland County, which was down by 6%. With 68% of homes listed being sold; 2017 continued to be an active seller’s market.
As we look ahead to 2018 and what this next year may bring, my predictions are that we will continue to see a stable real estate market in the Northumberland County as we are a community that continues to be in high demand. I do believe we will see more of a balanced market overall.
Interested to see how the value of your house may have changed? Contact me anytime at 905-375-0062 to schedule a complimentary market evaluation.