Let's look at what happened in the Fredericton Market in February 2009 and Year to Date
2009 2008 % OF DECREASE/INCREASE YEAR TO DATE
Total listings for February 344 423 - 19 %
Total listings YTD 812 979 - 17 %
Total Sales for February 104 175 - 41 %
Total Sales YTD 185 295 - 37 %
Total Dollsr Volume for February - 43 %
Total Dollar Volume YTD -35 %
As one can see the Fredericton Market is not only not improving, it has gone down from January's 25% decrease to a February decrease of 43%. This gives an overall Year to Date decrease of 35%. Hopefully, this trend will not continue. However, I don't see anything in the immediate future that will reverse this current trend.
All we can hope is the cause of these extreme deductions in sales is perpetuated by the continuous snowy weather and not the Doom and Gloom predictions of the economic climate. My feel is that it is probably both at a 50%/50% split. If I am right that should make about a 50% correction by June to an average overall decrease of around 17%. So with the boom market we have been experiencing for the past 3 or 4 years we should not plan to panic just yet.
Also, with better weather in the forcast and the $750 government grant for first time home buyers things should start to pick up in March.
Lastly, even with the decrease in overall real estate production the market value is holding strong and properties are selling at either full price or just about 3% less than full price. Go figure???
This sure is a very unorthodox business! Which, I guess is what makes it so fascinating. Talk to you at March end?
;)
;)
Phil, your Fredericton real estate market comments are very insightful. These are uncharted waters as we sail into the 2009 housing market.