June 1st, 2016
2016 Residential Single family home sales have shown a marked increase for the month of May and YTD.
For North Bay proper (within city limits), 2016 May sales have increased by 30.6 % over the previous May (2015). Year-to-Date sales (and it's large sample size) have increased by 6.0% - reflecting a more buoyant housing market. Sale prices have remained stable, with a slight drop in the average - 0.3 %. Total Sales volume increased by 5.3% in May.
Homes are selling quicker, indicative of increased demand, slightly lower supply, as well as proper pricing strategy by Sellers.
In Rural Areas - those homes outside North Bay, but within the Real Estate Boards trading area - sales of SF homes (not on the water) have shown a slight increase (2.1%), while Prices have increased by 2.7%. In rural areas, the timeline for selling remained the same, and total Sales volume increased by 4.9% (in May).
Overall, the housing market seems to be countering the pessimistic outlook that prevails in our area. Part of the pessimism originates from reported job losses that garnish attention, as opposed to job gains that seem to be bringing renewed life to the housing market.
The Valenti Team
Ed & Peter Valenti
Contact Ed or Peter @ firstname.lastname@example.org for any of your Real Estate needs.