Market stays strong
October continued to show strength as we move through our fall market. Although there are a few signs of activity slowing down a bit, October was still a very good month at the Moncton Board. Dollar volume YTD was up 7%, the dollar volume for October 2011 vs Oct 2010 was up 5% and the total number of units sold was up 3% for the month and the YTD.
Our average sale price is up 3.3%, year over year, to $173,306 and remains pretty stable with September's average sale price of $173,724. Not much danger of a "housing bubble" in this area. It's one of the reasons real estate is a great investment.
These numbers are encouraging as it indicates to me that buyers in our area are not so concerned about the world economy that they're not spending locally. Nothing becomes a self fulfilling prophesy quicker than crying hard times and reducing spending. If everyone thinks we're in hard times, we soon will be! I'm not suggesting for a minute that anyone spend what they can't afford, but those who can afford it need to be buying to keep the economy moving and employment up. Housing, because of it's huge economic spin-off (renovations, furniture, appliances, etc.), is a great place to be spending.
If you need to know more about the local housing or investment market send me an email, text message or give me a call anytime. You call also follow me on twitter as well at firstname.lastname@example.org.
Posted by Paul Burns
on November 1, 2011