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May Northumberland County Real Estate Report

dave chomitz cobourg port hope real estate report Tags: , , , , ,

Northumberland County In May

Here at the Cobourg  Harbor it’s kind of a rainy, sunny, windy, calm kind of a day so I thought it was a good opportunity to see where we are in the Cobourg, Port Hope and Northumberland real estate market. This the first week of June 2016,  we have five full months of real estate under our belt here in Northumberland County and I thought it might be a good time just to take a look and see where we fit.  See how things are going.  As I travel around Northumberland I often  have people say to me the markets really crazy,  things are really busy, Cobourg and Port Hope homes are selling.  It is unbelievable where we are right now but the picture may not be exactly as people think.    The best way to talk about this is use graphs.

This first graph shows the total number of homes for sale that were offered in 2014 and 2015in Northumberland County, which includes Cobourg, Port Hope, Grafton, Colborne, Newtonville and all points in between.  It dose not include Toronto real estate stats or Oshawa stats. At the bottom we have the sales which started off a little bit stronger than the year before but by the end of May they were tracking almost the same.   2015 was marginally stronger than 2014 which is what you like to see.  With less houses available,  but the market was stronger, Cobourg and Port Hope  buyers were still coming in the marketplace.   That’s always a good sign, but take a look at 2016 now the blue line,  on the bottom is the number of sales and you’ll see that it’s tracking almost the same as 2015.    May was a little bit stronger where  we have 17 more houses selling  in 2016 than the year before.  Remember these numbers are for the whole of Northumberland county, which is a real big area.

Real Estate Is All About Numbers

Starting in February 2014 and 2015 the inventory  started to grow.  After February it grew consistently every month. In 2016 that hasn’t been the case,  it’s almost a  flat line.  There was a  little bit of a bump in May but  not enough to make a difference.  We have never had our supply and our sales or demand  be so close together.  We don’t even have to two months of inventory on the shelf and in a balanced real estate  market the experts tell us we should have 5 to 6 months inventory ahead.  We have really moved into a sellers market. It’s really  a tough time for home or really any kind of real estate  buyer.  The number of sales has not increased significantly,  our demand is up year-over-year  5%   BUT  the listings or the supply this really off.

 

Homes Supply And Demand

 

Supply  is off by 22% 22% That’s really a  significant number of houses that are not available right now and I have no idea why that is.  If you’re a home buyer now more than ever so you need some local,  expert current advice.  You gotta be fast to  take advantage of the opportunities,  the FEW opportunities  thereare.   If your  a seller,  this is a time when you really want to be careful.  Because you don’t  want to undersell.  You don’t want leave money on the table.  You may be surprised how much your house is worth, but maybe you would be surprised it’s not worth as much as you think.   At the Northumberland home values group we have a strategy for your property to maximize its potential.  So that you can walk away being sure that you’ve done as well as you possibly can and maybe better-than-expected.  Either way we can ensure that you’re gonna do as well as you possibly can in the marketplace today.   That’s going to help,  if you or someone that you care about is looking at selling your home please don’t keep us a secret we’re here for you – that’s what we do.

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