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
Email Me

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2018 Q3 Northumberland Market Update

2018 3rd Quarter  - Market Update
Nathan Copeland, Sales Rep.RE/Max Rouge River 905-376-0092

Welcome to Fall and I hope you had a great summer! 

What a difference a day makes - or in the case of real estate - a year.  After experiencing unprecedented growth and activity in 2017 in virtually every category, 2018 has seen a return to what can be termed as "normal".  A balanced market between Buyers and Sellers, listings remaining on the market for close to 45 days prior to receiving offers, homes that are effectively priced are selling and those that aren't are seeing less activity.  The wave of Durham and GTA buyers has slowed as those markets have also seen a cooling off and returning to more of a balanced market. 

3rd Quarter Statistics - The statistics below reflect all real estate transactions in Northumberland County for 2018, compared with 2017 - including single family homes, condos, cottages, commercial, farms, etc.  (as generated from the statistics from the Northumberland Hill Association of Realtors. 

All REAL ESTATE SALES

2017

2018

Change

Total Sales Volume in Northumberland Co.

$685.6 mil

$518.4 mil

-24.5%

Number of Sales/Transactions

1822

1298

-28.7%

 Number of Listings (YTD)

2906

2448

-15.7%

Average Sales Price

$376,338

$399,395

+6.1%

 

 

 

 

Here are the Stats for Residential Sales Only:

RESIDENTIAL REAL ESTATE SALES

2017

2018

Change

Total Sales Volume in Northumberland Co.

$647.8 mil

$485.1 mil

-24.5%

Number of Sales/Transactions

1643

1176

-28.4%

 Number of Listings (YTD)

2470

2044

-17.2%

Average Sales Price

$394,228

$418,798

+6.2%

 

 

 

 

Though the average price increased by 6.1% (overall) in 2018 over 2017, we have seen a substantial decrease in the activity in total sales volume and the number of homes sold.  Below are a few of my personal observations from the above statistics:

1.    The simple principle of supply and demand has been driving the overall performance of our market.  As enough homes came on the market to satisfy the demand west of Northumberland County, those buyers remained in their home market and absorbed inventory in a balanced way.  

2.    Other than the average sales price, the above statistics look very similar to what our market looked like in 2015 and 2016.

3.    I personally believe that the average price increase continues to be more of a correction to what our community has to offer - we have been slightly under priced for the past several years.

4.    The decrease in the total sales has been fairly evenly distributed among single family residence, condos, vacant land, commercial and farms.  No particular category appears to be more effected  than others.

Moving Forward – We will experience a fairly typical uptick through the Fall Market and move into 2019 with what will remain a balanced market.  As always, the early bird listings in Jan-Mar will see strong activity as the "spring market" buyer trends ahead of the "spring market" seller.  Strategically, I would offer that if you are considering selling then you should have your home on the market for the balance of the Fall and/or no later than mid winter.

Exciting News!!  Lori and I are delighted that our son, Nate has decided to join our real estate team.  After first getting his license is 2011, then completing his Marketing Management degree, he decided to come back home to Northumberland. Nate has had a passion for real estate since an early age and brings his creativity, drive and exceptional marketing skills to our well established team.  

Featured Listings
Stunning Executive home on 28 park like acres:  https://www.realtor.ca/Residential/Single-Family/19710042/3362-PIONEER-RD-Hamilton-Township-Ontario-K0K1C0-Baltimore    

Turnkey Horse Farm on 106 acres with glorious scenic views, 25,000 sf arena with 30 stalls and a charming century home:  https://www.realtor.ca/Residential/Single-Family/19639514/3701-POLLARD-RD-Hamilton-Township-Ontario-K0K1C0-Baltimore  

Stunning restoration of a century home on an idyllic 1+ acres with oversized garage/workshop and veyr private 3 room master suite/inlaw suite:  https://www.realtor.ca/Residential/Single-Family/19954724/36-PARLIAMENT-STREET-Colborne-Ontario-K0K1S0  

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

Sincerely.

--

Nathan (Lori and Nate) Copeland
ReMax Rouge River - Sales Rep
c. 905-376-0092  o. 905-372-2552
www.nathancopeland.com 

The opinions expressed are mine and not intended or assumed to represent NHAR.

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