February Newsletter
| | December | Change from to | November 2011 December 2011 | January | Change from to | December 2011 January 2012 |
New Listings | 1,085 | -715 | -39% | 2,441 | 1,356 | 55.5% |
Active listings | 5,316 | -1,272 | -19% | 5,303 | 13 | -0.24% |
Sales | 827 | -257 | -23% | 881 | 54 | 6.1% |
Average Sale price *House and Condo sales | $296,241 | -$576 | -0.1% | $283,524 | -$12,717 | -4.2% |
House | $364,803 | -$931 | -0.2% | $352,000 | -$12,803 | -3.5% |
Condo | $227,679 | -$222 | - 0.1% | $215,047 | -$12,632 | -5.5% |
What do these statistics tell us?
January is typically the least active month of the year, and 2012 is not any different.
Prices and sales are down as buyers took time off for Christmas and sellers took properties off the market, with only the most motivated staying on the MLS. The number of new listings in January brings us back up to the pre-Christmas levels, a further indication of a Christmas break more than a market shift. Average sale prices for both detached homes and condominiums and are down, but still above the levels of last January which shows that the long term trends over the last three years is a steady increase in prices.
In summary although these changes look dramatic they are well within normal for this time of year.
What is come for 2012? The year has started out with mortgage rates at lows that have not been seen in recent history. This should have the market off to a great start. Within the last few weeks, since the lower rates where announced the market seems to have picked up and the energy seems to have returned to the market. As in an article I posted to my blog there are numerous factors that could spur the market this year.
For those thinking of moving up and taking advantage of the low interest rates, but fear being caught by the rising mortgage rates, the answer maybe to take a longer term mortgage of 10 years as opposed to 5. Rates for 10 year mortgages are still below 4.0%, this would give long term payment security and increased equity before the need to renew. For more information, and examples, please visit my blog at davedryhomes.com.
Dave Dry
Realtor, Re/Max Real Estate
Website: www.davedry.com
Blog: blog.davedry.com
Office: (780) 457 3777
Direct: (780) 446 3727
Fax: (780) 478 7017