It's a bit early to say for sure but there may be a bit of a change in the wind in the real estate market in the Metro area. February stats from the Greater Moncton REALTORs du Grande Moncton Real Estate Board are showing a 21% increase in expired listings for the month and sales by dollar volume were off 3% from February last year. Total number of sales was down 5% (2% year to date)and the average sale price was down 5.2% to $156,570.
These are numbers only for one month and it is still winter, so we don't need to push the panic button yet. However, the message for sellers, in the short term at least, is that things are moving a bit slower and you need to be a bit sharper on your price. Lower priced properties are what first time buyers are looking for as the world economy is still unsettled and consumer confidence is shakey. Many first time buyers are saddled with huge student loans and they can only afford entry level housing. The good news is that we have some of the most affordable housing in the country and you don't need to have two large incomes in the family unit to be able to afford a house.
It all comes down to expectations. The buyers have to understand that our market is always quite stable regardless of what the news is saying is happening in Toronto, Calgary and Vancouver. We haven't experienced the big swings in value in the past and probably won't in the near future either. So don't wait around for a 20% drop in the price of housing. It probably isn't going to happen.
The sellers have to realize that the market is a bit softer than before and they need to lower their expectations as well. Your REALTOR is able to access this type of information and can keep you informed. I am seeing a number of price drops coming in a sellers adjust to the changing market conditions.
If you want to know what your house is worth in today's changing market, get in touch with me in whatever way is convenient to you, and I woul be more than happy to view your home and give you some information about pricing.