The key message is that "all Real Estate is local".
Three quarters of 2008 is behind us. Our local Real Estate market is performing solidly with healthy unit sales and prices trending upwards 7% from this time last year. Last Sept, year to date the average sale price in town was $374,000 and for September 2008 that figure is $403,000.
NOTL MLS sales in September were very strong. Unit sales were up 47% from September 2007. Many buyers had stayed on the sidelines because of soaring fuel prices in July and August and then decided to make a purchase in September. By September consumers had made adjustments to fuel costs and decided with confidence to purchase in the Real Estate market.
In NOTL the number of homes available for sale is 1% lower than this time last year. There is no building up of inventory and there is no price bubble set to burst. Demand has remained steady with modest declines in available homes. The average time it takes to sell a home has risen slightly and has remained level at the 122 days mark since the spring.
Once the election is over I expect 2008 to finish off with unit sales similar to those in 2006. Real estate remains a solid place to be invested whether it is your primary residence or a investment property.