North Bay and Area - October MLS Report [Single family homes]

While 2015 Year-to-date sales for North Bay (only) single family homes are up 7.5% over 2014 YTD sales, the month of October (2015) showed a lacklustre performance, with a drop of 16.3 % over October 2014.

October single family sales outside North Bay (proper) experienced a smaller decline (2.9%), with a YTD increase (2015 vs 2014) still robust at 16.5%.

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Within the full trading area of the North Bay Real Estate Board, YTD sales are up 10.3 % (over 2014). Pricing is down slightly by 2.3%, with North Bay and area prices hovering around 2011 pricing.

While the North Bay (and area) Economy struggles, there is a higher degree of negative news that seems to have permeated the media, and "water cooler talk". Some is justified, but contrary to misleading reports & statements - some on Blog sites - listings have only increased by 3.8 % over the previous year. Yes - the housing supply has increased. But so have sales; And at a greater rate (3.8% vs 10.3%).

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If any positive news can be derived from these statistics, it is how the housing market continues to hold himself despite the struggles in our local economy. Mining has been especially hard hit, but as history has shown, mining lives in a cyclical world, with highs and lows mimicking a wavelength.

Hopefully ... that cycle will begin its' rebound, and in turn, the North Bay economy can rebound, and stabilize itself.

 

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The Valenti Team

The Valenti Team

Sales Representative
CENTURY 21 Blue Sky Region Realty Inc., Brokerage*
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