Nathan, Lori & Nate  Copeland

Nathan, Lori & Nate Copeland

Sales Representative

RE/MAX Rouge River Realty Ltd., Brokerage

Mobile:
905-376-0092
Office:
905-372-2552
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2015 Year End Real Estate Update for Northumberland County


NORTHUMBERLAND REAL ESTATE
Year End 2015- Market Update
Nathan Copeland, Manager/Sales Rep. Coldwell Banker RMR
905-376-0092


Well 2015 has ended exactly as I think we all knew it would – shattering previous records in almost every category!  Our quaint bedroom community nestled in the Northumberland Hills almost kept up with our mega neighbours to the west in terms of market growth and growth in average price.  According to the most recent statistics from the Toronto/Durham Real Estate Board, the residential market increased in total transactions by 9.18% (we were at 9.9%) and the average price increased by 9.81% (compared to our 7.8%).  Our total growth in terms of gross sales increased a whopping 16.8%.  Here is the detailed breakdown:


Year End Statistics - The statistics in the first table consider only residential sales, the second table reflects all real estate transactions in Northumberland County  for 2015,  compared with 2014 - including single family homes, condos, cottages, commercial, farms, etc.  (as reported by the Northumberland Hill Association of Realtors).


 



RESIDENTIAL


Total


2014 YTD


Total


2015 YTD


Change


Total Sales Volume in Northumberland Co.


$296.1 mil


$356.0mil


+16.8%


Number of  Sales/Transactions


1070


1188


+9.9%


Number  of Total New  Listings


1823


1549


-15%


Average Sales Price


$276,730


$299,600


+7.8%


Number of Sales to Listings, as a %


(success ratio)


58.7%


76.7%%


+18%


 


 


 


 


 


 


 


 


 



ALL  SALES
Residential/Vacant Land/Commercial


2014


2015


Change


Total Sales Volume in Northumberland Co.


$337.2mil


$416.1mil


+19%


Number of  Sales/Transactions


1192


1365


+12.6%


Number  of Active Listings


2326


2078


-10.6%


Average Sales Price


$282,900


$304,800


+7%


Number of Sales to Listings, as a %


(success ratio)


51.2%


65.7%


+14.5%


 


Here are a few of my personal observations from the above statistics:


1.  The most telling number in my mind is the residential success ratio increase by 18%!  A direct result of high demand married with low supply, plus the GTA buyer entering the market with a totally different perception on our real estate values.  Though the vast majority of listings were still being listed  marketed by local realtors, there was a substantial increase in the number of buyers being represented by out of town realtors.  More on that point below.


2.  Realtors in the GTA/Durham region found it very difficult to help buyers successfully purchase a home in their market.  With multiple offers on most every home and the winning bid often over-paying by 5%, 10% even 20%!  In many cases, these realtors and buyers almost had no choice but to look outside of their immediate area to find a home.


3.  Being down 15% in new listings from 2014, which was down from 2013, boded very well for those sellers who entered the market.


4.  It’s extremely important to note that even though our success ratio was WAY up, there were still 25% of the listings that did not sell.  This is driven by two simple principles; latent defects/location or being priced too high.  Out of town buyers certainly believe our real estate prices represent a great value, but there is simply too much information at people’s finger tips to dramatically over pay in our market.


5.  I had predicted that our average residential sale price would hit $300,000 – I was wrong, it only reached $299,600.  So much for my crystal ball…


Moving Forward – As the risk of being redundant to my last report, and my last report, and my last report, inventory is still low, buyers are very active in the market, demand for our area remains strong, and interest rates remain at record low levels, at least for the immediate future.  This all should add up to another banner year in real estate for Northumberland County!


 


Spring Market -  Started yesterday!  Ignore the current snow, there are tons of buyers in the market right now and the sooner sellers get in the market the quicker they will see showings and offers.  Don’t wait for the flood of inventory when the flowers bloom, get out front!


 


Featured Listing:  Rare opportunity to own a profitable resort on Rice Lake with the vendor willing to hold the mortgage.  If you or someone you know has dreamed about living and working on the lake during the summer and spending winters in a more sunny locale, then check out this hot listing:  https://www.realtor.ca/Commercial/Business/16321317/6-7TH-LINE-RR-3-ROSENEATH-Ontario-K0K2X0


 


Local Historic Home, as featured in the Globe and Mail:  http://www.theglobeandmail.com/life/home-and-garden/real-estate/delving-into-the-history-of-a-200-year-old-home-in-port-hope/article27105397/


 


As always, I trust you find the above information useful, and remember, I am never too busy for your referrals!.

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