Today the Canadian Real Estate Association (CREA) had a news release discussing the increase in sales in February across the country....some good news is out there. We may not be totally out of the woods but hey imagine that... it is not all doom and gloom !
PEI Real Estate Numbers:
I did some local research on PEI Real Estate and for the month of Feb in PEI MLS data we saw a decrease in "reported sales" of 89 compared to 114 last Feb (-22%)- In 2007 there were 99 at same time.
The total number of reported sales in Jan and Feb in 09 is 172 down from 200 same period in 08 (-14%). In 2007 it was 210 Total reported in Sales Dollars is in 09 $23,944,200 up from 08 of $23,012,072 (up 4%)
For closed sales in Jan and Feb its is 172 compared to 227 in 08 (this would be due in decrease in written deals in Oct and Nov of which all economic markets basically stopped) Total dollars of closed sales in Jan and Feb is $23,986,122 compared to $26,314,822
What Does It All Mean....???
The slowdown (or stop) at the 4th quarter affects closings in the first quarter but it is still very early to tell as those months are our most difficult months with weather etc.
I did a quick search in our property database for the MLS properties on PEI and when you do a residential search and put conditional/pending (sold -not closed) status there are presently 115 properties in PEI (30 of them are our listings) (26 %market share for whole Island)
When you break it down to area 4,5,6,7 which is Charlottetown, Sherwood, East-West Royalty, Cornwall and Stratford there are 57 properties that are sold not closed of which 23 were Century 21 Colonial Realty listings That shows a market share of 40% our listings that are sold. The marketing efforts of our agents and our internet prescence with our web strategy and that of our franchise Century 21 Canada is proving to our clients that we sell our properties.
The light at the end of the tunnel is not another train... Remember rates are low. ...open houses are busy. . .new listings are happening .. .people are looking....great opportunities and it is still a great time to list your house and make your real estate dreams a reality with us.
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