The North Bay residential housing market went against the national trend with sales in May increasing over sales in the month of April in the Gateway City.
Canada-wide sales were down 6.2% from April 2017 to May 2017.
However in the North Bay Real Estate Board boundaries unit sales increased by 36.7% while within city limits that number skyrocketed by 58.2% from April to May.
April sales in North Bay only were 55 compared to a jump to 87 in the month of May of this year.
“Sales specific to North Bay (itself) are demonstrating a steady market, with neither the Buyer or Seller in a position of imbalance,” stated Ed Valenti, with Century 21 in North Bay in an email to BayToday.ca.
“However, the possibility of the local housing market evolving into a Seller’s market is a very real prospect. Average Prices within the city of North Bay gained 2.0% - indicating market values have stabilized. The partial reasoning for any influence can be attributed to an Ontario-wide price increase of 9.4% increase (May 2016 – May 2017).”
The year to date sales ending in May were 273 while new listing in that timeframe was 481 which indicated a 58% sales to new listings ratio.
“If the ratio should surpass 60%, it is considered a ‘Seller’s Market.’ As such, we are on the cusp of a Seller’s Market.”
Valenti noted waterfront property, specifically Trout Lake and Lake Nipissing, is showing more advanced signs of improvement.
“Rural areas (outside North Bay) have strengthened, in both unit sales and Average price (6.5%), in YTD comparison between 2016 and 2017,” added Valenti.
