The Parry Sound market started out 2012 on a cautionary note, given the previous year's minimal recovery. Home sales both in and out of town warmed up nicely and sale prices were similar to last year’s with some increases indicated. The recreational market however, continues to be slow in comparison to the pre 2008 market, and many of the properties that did sell, sold at, or below assessed values. Despite the slight increase in sales prior to the summer, July & August sales slumped, but picked up slightly in October and November. In summary, if the recreational property wasn’t either very attractive or the listed price wasn’t “just right”, cottage properties didn’t sell well.
It is still a good time to be moving up in the market though, as interest rates are still very reasonable and would appear to remain so, as long as the economy stays in modest gains. Mortgage rates seem to be holding fairly stable and a 5 year fixed term continues to be less than 4%. In view of these facts, I believe our market will remain strong and prices will see positive, albeit slight, gains over the next few years.
If I can assist with any of your realty needs, including explanations of the MLS system or a free Market Evaluation, please give me a call.