You’ve no doubt seen the headlines of the Toronto Market being at a record-breaking low the last few weeks.
The question on everyone’s minds locally is just how is the Northumberland market fairing in comparison?
Sales were down by 57% compared to March of last year, and the overall inventory is down by 25%.
The average price in Northumberland for March was $396,678, which was down by 10% compared to March 2017.
Now, what does this data tell us? I think it is safe to say the market bubble of Spring 2017 has burst. But contrary to the headlines, it’s not as bad it would seem. Yes, a 10% reduction in the average sale price isn’t good news, but if you look a little further back, you’ll see in March 2016, the average sale price was $309,301 which indicates the average price is still up by 28% compared to just two years ago. In a market that use to see values appreciate by 4% on average year, I would say that’s not too bad in my books.
What does this mean if you’re considering selling in 2018? Well, the good news is that homes are still selling and the values, although down compared to last year are still stable. The number of homes sold has decreased significantly, however. It’s more important than ever to use the services of a results-based and experienced Realtor. Pricing in this market does matter and pricing your property to sell is essential.
If you’re thinking of selling this spring, now is the time to start the process of getting your home market ready. Contact Jacqueline directly at 905-375-0062 for your free market evaluation and discuss what it takes to sell in this market.