House sales on a decline in the Bay

North Bay Real Estate Board
News Release

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Increases in average selling prices and declines in residential sales volumes marked the release of the annual Multiple Listing Service® (MLS®) sales data by the North Bay Real Estate Board (NBREB) for 2008. In 2008, the average selling price rose to $176,998, up 8 percent from the $163,905 posted in 2007.

Total units sold in 2008 reached 1,466, a decline of 11.5 percent from the 1,658 posted in 2007. Listings volume for the year increased by just over 1 percent from 2007. NBREB Board President Steve Kotan says the market volume started to slow down in the 4rth quarter of 2008.

“Like many real estate markets in Canada, the market softened and slowed down the last part of the fourth quarter, in reaction to world and economic changes.”

Comparing quarters, NBREB 4rth quarter statistics shows the average selling price reached $161,079, up 1.6 percent from the $158,491 posted for the last three months of 2007. There were 195 residential unit sales between September 30th and December 31, 2008, down 29 percent from the same months in 2007, while listings inventory declined slightly for the same period compared to 2007.

“While listings for the year were up very slightly over 2007, the final quarter statistics show a slight decrease in listing volume. This appears to follow the trend of other markets across the country,” Kotan says. Going into 2009, Kotan says there will be excellent opportunities for the buying consumer. “Good deals can be had in what is being reported as a ‘down’ market. Interest rates are at record lows and falling. In the1980's when interest rates were 20% or higher, the real estate market was still brisk,” he says.

“There are always people who need to buy and sell real estate, for personal reasons that have nothing to do with what the media says about whether the market is up or down.”

“It’s a great time to use a REALTOR® to determine an appropriate buying or selling strategy. Your REALTOR® can also advise on neighbourhood specific trends and amenities, eye-catching improvements you can make to improve ‘curb appeal’ and which specialists you need for repairs, financing and legal services,” he says.

The North Bay Real Estate Board (NBREB) represents approximately 169 real estate sales agents and 16 member offices, in the vibrant city of 53,000 situated between major centres such as Toronto, Ottawa, Timmins, and Sudbury. As part of local REALTOR® commitment to the community, during the Holiday season, $500 was donated to the Santa Fund which buys children's gifts for needy area families, $1,000 was donated to the North Bay Food Bank, $1,000 was donated to the Gathering Place and $2,000 was donated to the Learning Library.

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