MLS Statistics, 1ST quarter 2008 residential NOTL

Here are the numbers. Do not beleive what you read in the papers or see on TV. NOTL's residential resale market is keeping pace with 2007. What does that mean for homesellers and buyer? Well for seller's it means you must have a fair expectation of your selling price and make sure it is well researched and feasable in todays market. For buyers, the message is remain patient and keep looking for the right property. When it comes available be prepared to act on it.

2008 2007
Listings Sales Sales/Listings Ratio Average Sale Price Listings Sales Sales/Listings Ratio Average Sale Price
Area Month YTD Month YTD Month YTD Month 12 Month Month YTD Month YTD Month YTD Month 12 Month
01 76 205 19 78 25% 38% $375,479 $394,549 62 213 26 79 42% 37% $315,667 $395,878

As you can see 2008 YTD sales are one unit less than those in 2007. I would not characterize this as a declining market(as the media portrays).  The number of listings available for sale is up roughly 17% This means that more inventory is available than last year and will therefore keep the average price increases in check. Greater inventory is good news for buyers looking at interest rates. If home price increases are kept to a minimum then the Bank of Canada should be able to maintain the record low interest rates that we are presently enjoying.

Good advice for NOTL Home buyers and sellers is to question the information in the public, request the facts from professionals and be prepared when it comes time to either sell your home or make that purchase.

Gary Zalepa Jr.