In my last post I was wondering how March would finish up since February was a bit flat. I'm happy to report that March followed it's usual trend of gaining momentum, especially when the weather warmed up, the time changed and the Home Show took place. Nothing like a big, successful Home Show to get the market fired up.
So, to the end of March, our dollar volume was up 3%, the dollar volume for the month was up 9% over March 2011, but wasn't quite as good as March 2010. The number of units sold were up 5%.
The bad news was that the number of expired was up 32% for the month and up 8% YTD. Our average sale price was down 3.2% to $157,843 which may be a sign of a changing market. With expireds up, I think the seller may have to lower their expectations some as buyers seem to be resisting the current prices being offered. As we move into our spring market, we will see if that trend continues in April.
The average days on market for Riverview was 101 days; for Moncton it was 149 days and for Dieppe it was 140 days. This is up and is another indication of homes sitting too long on the market.
So, if you are thinking of selling your home, price point is even more critical. I have been running around with several buyers (I suspect many REALTORs are) and our inventory is getting a bit stale. New listings are being shown quickly so you need to get them properly priced when they hit the market.
As always, touch base if you have any questions about our market or if you're interested in having me take a look at your home.