The latest MLS statistics for the North Bay Real Estate Board, indicate the following for the 1st Quarter of 2016:
City of North Bay
- 2016 YTD Sales within the city of North Bay have leveled off - remaining even with 2015
- Average Sale price experienced a drop of 0.2 % - a neglible number that indicates prices are stable
- However .... current average prices within the city are equivalent to 2010 values, after peaking in 2013 (during these past 6 years)
Rural Areas [(Outside North Bay but excluding Area 6 (Other area designation)]
- YTD sales dropped 13.7 % in the 1st Quarter of 2016
- Sales Prices peaked, recording the highest ever average sale price (for any past 1st Quarter)
Traditionally, Residential values in rural areas have enjoyed an advantage over city values, not-withstanding other variables in relocating to the country. However, over the past 10 years, that pricing gap has narrowed, with Rural areas now representing 92 - 93 % of North Bay city prices. This trend upwards seems to be reflected in lower sales.
While there is a perceived belief that Rural properties (outside the confines of North Bay) have a benefit relative to the city of North Bay, one driving force has always been lower market values. With parity beginning to impact values, those benefits may have less sway amongst Buyers. Eventually markets tend to find their equilibrium, with Home Buyers determining which way that pendulum swings when deciding a rural living with specific benefits, versus city living with its' own dynamic benefits.
Ed & Pete Valenti
The Valenti Team
Century 21 Blue Sky Region Realty, Inc. (Brokerage)