Well, another year has gone by and many of you are wondering how the real estate market in the Powassan area fared over the past year. In spite of the great market correction that has affected most parts of the world, this little piece of the great white north appears to be holding its own.
Let's take a look at what has occured with sales of single family homes in Powassan, Trout Creek, Nipissing and Chisholm in the past three years. These figures are based on information from the North Bay Real Estate Board from November of the previous year to November of the current year being discussed.
In 2008 there were 70 homes sold at an average price of $176,855 and 74 listings expired or were cancelled.
In 2009 there were 71 homes sold for an average price of $177,112 and 92 listings expired or were cancelled.
In 2010 there were 72 homes sold for an average price of $187,680 and 73 listings expired or were cancelled.
As you can see the number of homes sold has stayed surprisingly constant in these four communities and the prices have continued to increase moderately. Of course this is an average so a few extremely high or low priced homes can affect that average.
In a future blog we'll discuss the possible reasons behind those expired listings.