The average sale price in our local market per the Northumberland Hills Association of Realtors MLS Board is $292,745 as per the June Market Stats. Last year it was $278,815.
This year-to-date in June 2015 the dollar value of units sold for residential real estate was $182,672,621
Last year to date in June 2014 the dollar value of units sold for residential real estate was $139,965,233....
Just received the June 2015 local MLS Real Estate sales statistics and it seems pretty official that we are now in what is known as a Sellers Market. I have pasted in some information below which clarifies the terminology of what we call Seller or Buyer's market in case you are curious. Basically what the stats indicate is that there is lots of demand and less inventory available so this can cause prices to increase. Add to the mix that interest rates remain very low and it means Buyers and Sellers have to be on their toes! Buyers may face more and more competitive offers when they make the decision to offer on a property and Sellers have the hard task of deciding how to respond to the offers or which one to select. I suggest if you are considering selling to please give me a call to discuss the market and my services. The time ir ripe. If you are a Buyer, I would be more than happy to help guide you through the process and keep you focused and on track so you do not miss out on any great opportunity that you may be considering.
Read below for more description on the definitions and Real Estate Indicators:
The real estate market is cyclical – which is why you may have heard the term, “real estate cycle.” Several key factors influence this cycle, including interest rates, employment growth, investment growth, construction and even immigration. All influence whether there is a buyer’s market or a seller’s market.
A buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices may drop over time as home owners become eager to sell their property.
A sellers market is when interest rates are low so there are many qualified buyers and not many homes for sale. Buyers must make quick decisions and face multiple offers on the home they have chosen to buy and prices can rise.
To measure market activity, the Real Estate Board has a unique tool. It’s our Sales-to-Listings ratio which measures the balance between demand and supply.
•a ratio of three sales for five listings means we are in a seller's market (also known as a ratio of 55 – 60%).
•a ratio of less than 7 sales for every 20 listings means we are in a buyer’s market (also known as a ratio of less tan 35%).