Local realtors report first quarter prices rising

North Bay Real Estate Board
News Release

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Increases in average selling prices and lowering residential sales volumes marked the release of first quarter 2008 Multiple Listing Service® (MLS®) sales data by the North Bay Real Estate Board (NBREB).

The average sale price for the first quarter of 2008 rose to $166,178. This is 5 percent increase from numbers posted at the end of December 2007, but virtually the same as the average price from the end of the first quarter of 2007.

There were 298 residential unit sales for the first quarter of 2008, down from 362 unit sales between January 1, 2007 and March 31, 2007, a drop of 21 per cent. However sales volume trended upwards from the last three months of 2007 into the New Year.

NBREB Board President Steve Kotan is expecting another strong market in North Bay and area. “Even though the sales volume to date is down, sales statistics from 2007 were up over 2006. So far in 2008 we are more in line with those 2006 statistics, which was also a strong year.”

Kotan says things have really started to heat up again over the last month. “It started out slower possibly due to an extended winter and consumers waiting to see if the ‘State side’ mortgage problems were going to have any lasting effect on our Canadian market,” he says.

Total quarterly sales volume in North Bay and area dropped to $53,310,538 in 2008, down from $63,816,702 in 2007. The most active price range for sales was $150,000 to $200,000, and $100,000 to $150,000.

Continuing consumer confidence in Canada was a topic covered during the recent CREA (Canadian Real Estate Association) Conference in Gatineau, Quebec.

“We were presented with positive statistics from an Ipso Reid poll of Canadians done exclusively for CREA,” Kotan outlines. “It indicated that overall confidence by consumers in the economy is positive.”

“In North Bay, we have a strong mining industry sector and construction of the new hospital and health facility will bring highly skilled and good paying jobs to the city.” says Kotan.

Listings are also down, with 630 for the first quarter of 2008.

“We have ample numbers of qualified buyers looking to make a move this year. This trend indicates this will be another seller’s market, yet a slight adjustment or slow down in the overall price increases may also be seen,” he says.

Kotan says now is a great time to use a REALTOR®. “With market activity over the last 4 to 5 years being what it has been and still is, I would like the public to understand the value of the REALTOR® in the real estate transaction,” he says.

“We’re dedicated professionals with experience and expertise. We are licensed and regulated by RECO (the Real Estate Council of Ontario). And with regulation comes consumer protection,” Kotan explains, adding consumers can learn more on the Internet by going to www.howrealtorshelp.ca

The North Bay Real Estate Board (NBREB) represents approximately 170 members and 16 member offices, in the vibrant city of 53,000 situated between major centres such as Toronto, Ottawa, Timmins, and Sudbury.

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