The local real estate market continues its sluggish start to the year. Sales were down by 46% compared to February of last year, and the overall inventory is down by 43%.
The good news is that we are starting to see things rebound with sales increasing by 24% over last month. The average price in Northumberland is stable month over month at $443,719, which is still a 13% increase over last year.
Now, what does this data tell us? 2017 was an unprecedented year in real estate particularly the first six months of the year, and Northumberland saw the impact of that. The market has since balanced out. Although our values have remained stable, the overall volume is down vs. last year and will likely continue that trend as we head into the spring season.
What does that mean if you’re considering selling in 2018? Well, the good news is that values haven’t dropped. However, there are fewer buyers and increased competition for sellers. If you’re listing your home, you need to ensure it “stands out”. Results-oriented marketing and an experienced Realtor are going to make the difference in this market.
If you’re thinking of selling this spring, now is the time to start the process of getting your home market ready. Contact Jacquelin directly at 905-375-0062 for your free market evaluation and discuss what it takes to sell in this market.