Though there has been a lot of noise and commotion in the real estate business lately, our local market has been relatively solid, given how unaffordable homes are for the masses:

NSDCC Between June 1 – July 31

Year
Number of Listings
Number of Closings
Listings/Closings Ratio
Median Sales Price
2014
937
593
1.58
$1,045,000
2015
1,056
663
1.59
$1,050,000
2016
1,008
583
1.73
$1,165,000
2017
856
624
1.37
$1,255,000
2018
925
572
1.62
$1,302,500
2019
894
553
1.62
$1,289,500

Of these six years, the mortgage rates were the lowest in the summer of 2016, so there doesn’t seem to be a direct connection between rates and sales – the L/C ratio was the worst then.

The number of sales were the lowest this year, and you could blame it on the lack of opportunity – there hasn’t been that many new listings. It’s surprising we had that many sales.

Look how close we have been hugging the median L/C ratio of 1.6 lately!

As long as the supply remains in check, our market conditions probably won’t change much.

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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