Northumberland Real Estate Market Update
The summer is here and all the things we love about living in Cobourg, Port Hope or really anywhere in Northumberland are there for us to enjoy. Being so close to Toronto but still a mostly rural community really creates some neat opportunities. A great part of the weekend traffic at the Cobourg Beach, the Port Hope downtown or the markets all over Northumberland are folks that make a day trip into the area. Often, these visitors decide to stay – settling into a home of their own in the County.
At the Northumberland Home Values Group we understand that – and belong to the Toronto Real Estate Board as well as the Nortumberland Hills Association of Realtors (formerly the Cobourg Port Hope Real estate board) in order to showcase our homes to the greatest number of potential buyers.
But we are 1/2 way through the year and this seems like a great time to take at look at the June real estate market as well as quick look back on what Northumberland real estate has been doing the first part of 2016.
In the graph above you can see that the first six months of 2016 (red) has been tracking in a very similar way to most years – there are always monthly fluctuations that level out over time and we can see that is the case for 2016 as well. The June sales for 2016 were exactly 2 units greater than 2015 and 9 units better than 2014. Certainly not a real estate BOOM – but at the same time it is moving in a positive direction.
The concern is in the supply side.
You can see the trouble were having we’re having in the Northumberland real estate market when you see the number of homes that we have available for people to buy has fallen off the table.
At the end of JUne 2014 we had 647 homes for sale – in 2015 that number had dropped 27% to 473 – and in 2016 that number has dropped another 47%
In the last 24 months our inventory has declined by so much that in June 1 our of every 2 homes were selling. In broad terms – and understanding that it’s not always the case, but because the supply cannot keep up with the demand in many cases we are seeing homes selling faster and for more money than ever before.
Both home buyers and sellers need to be extra careful in this market to be sure they are making the best decision possible – we’re here to help with that.
There is some other information in the video – give it a watch.
And please let us know how we can help.