Market Update December 2019
Posted by Capital City Group on
December 2019 Market Update
Happy Holidays! Merry Christmas! And whatever else you may celebrate. It has been a heck of a year with brisk sales in the entry level segment of the market, and a definite slowing of the top.
Whether the measures taken by the provincial government had their desired effect and cooled the market, or this was a natural market cycle, or some combination of both, the explosive growth we had seen for years is over.
It also appears the inevitable market correction is over as well. The year over year sales numbers are up by almost 16% with 577 properties changing hands in November 2019, vs. 498 in November 2018. Typically though, the volume of sales was down from October to November this year as most people make their pre-Christmas decisions in September and October.
The demand remains strong as it has for months now, for the low to mid priced properties which is pushing up prices in condos and houses in this market segment.
With 2397 active listings and 577 sales the "sales to active listings" ratio has risen to 24%, well into seller's market territory.