March & April Real Estate Report – Northumberland

As the spring progresses we seem to be losing ground in the temperature department, but for once real estate is not tracking like the weather. Things in real estate seem to be warming up 


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I didn’t do a market report for March, things just got out of hand.  But maybe it’s a good thing because in many ways the April report would just be repetition. 

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We’re seeing homes continue to come on the market at a high rate which is very normal for this time of year. However the total inventory is the lowest it’s been in 4 years.  That is a very good sign.  If the volume tapers off over the next 60 days as it normally would it we could very easily be a in a good position.

There are still very real price issues with of the inventory.  Prices have NOT been coming down but buyers are clearly becoming more aware of where the market is and are very reluctant to pay more than the market indicates.  So for people who “actually want” to sell, proper pricing is a very critical right now. 

DEMAND 

As the graph will indicate, in March we had a 100 sales in the county for the month and in April we had 101. So volume has leveled off over the last 60 days – good or bad we’ll have to see.  But what I think is significant is that already this year we’ve had 2 months with over 100 sales.  We have to look all the way back to Sept of 2009 to say that.  In 2010 we didn’t have 1 month with 100 home sales.  At ChomzTV we’re looking at this as being very positive.

NOTES 

After the election (what do you think of the results ?) we’re seeing some pressure on interest – which many have been predicting for a while.  The dollar remains strong which could impact our industry.  And from what I read, the summer is coming.  All are reasons the market may slow. 

The demand remains greatest for bungalows in good condition both in town and out of town.  Large family home are showing the greatest value. And condos remain sluggish as the inventory far out paces the demand. 

Having said that, well priced properties in any category are selling well.  It’s the less motivated that price over the market that are sitting for months. 

Now more than ever correct pricing is critical to successful conclusion. 

Let me know how I can help.

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