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A record for the month — multiple offers on properties — low inventory may be a factor
Article by Valerie MacDonald
There was almost a 50% increase in the number of homes sold in September within the MLS system of the Northumberland Hills Association of Realtors compared to the same month a year ago, according to a release from the Association.
The 116 sales set a record for that month, according to the most recent statistics available from the Association.
In total, 836 residential units have been sold during the first three quarters of this year, the release also stated.
When asked about the new sales record in September and the upward sales trend (about a 20% increase to the end of this month compared to the same period last year) Association president Jody Ledgerwood said: “I know our inventory is excruciatingly low causing prices to rise.”
Only 126 new residential listings were on the market in September, down from the number of residential sales units available in September 2019.
Homes in the Cobourg market have generally sold in about two weeks but now they are selling within a few days to a few weeks, Ledgerwood said.
Ledgerwood has watched sales trends for the 14 years she has been in the industry. She is currently with Northumberland Hills Realty Inc. Brokerage.
“It’s an active seller market,” says Century 21 realtor Chris Walsh said during an interview with the News Now Network.
With the lower inventory, there are multiple offers on properties.
“Typically they are selling for more than they are asking,” he said.
Asked about the areas where more of the sales are taking place in the County, Walsh said it depends on the buyer. For example, elderly people, or those downsizing and moving from Toronto, are looking for smaller residences in urban areas while young families may be more interested in rural areas, he explained.
“I wouldn’t say one property (area) is more desirable than the next.”
Remax realtor Jacqueline Pennington told the News Now Network there are currently “151 active residential listings in Northumberland” and that the “average sale price for the third quarter was $578,848, about 20% over 2019.”
“COVID-19 has changed the way we live and we’ve certainly seen that impact where people want to call home,” Jacqueline stated in a media release.
“Overnight the way in which we worked changed; working from home is now the norm and not expected to change anytime soon. That, combined with a desire for more space and to get out of condensed urban areas, has people flocking to Northumberland.”
She predicts a “softer” fourth quarter with the pent up demand having been met following the “rush before the second wave of COVID-19.”
Royal LePage realtor Dave Turck calls the inventory in the County “light” at this time, especially for sought-after bungalows.
He said “pricing has been very stable” and few residential units have sold below list price.
With the opposite, in fact, being more the case, he and the other agents agreed.
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