Real Estate Market Week in Review

Thunder Bay Real Estate Market Week in Review 02/06/2017-02/10/2017

From a statistical standpoint, the real estate market this week looks fairly consistent with the type of activity that we experienced last week.  Things are definitely getting busier though, the number of showings and listing presentations/ client meetings have definitely increased;  we will likely see these increased leads being translated into more listings, but also more buyer activity in the next few weeks as things heat up.

If you are looking to buy this year, I would advise taking advantage of what is out there right now, before the Spring Market frenzy hits.  Read more about why you might want to take advantage of current real estate market conditions to buy a home here.

This weeks real estate market snapshot in review for the week of 02/06/2017 to 02/10/2017 looks something like this;

  • 25 new residential listings, 2 vacant land listings and 1 multi family listing (3 more residential listings than last week)
  • 19 residential listings sold firm- all detached homes ranging in price from $150,000 to $422,500 (3 more than last week)
  • 19 conditionally accepted offers on residential properties, and 1 conditionally accepted offer on a commercial property (3 more than last week)
  • 3 cancelled and 3 expired listings
  • What’s with all the 3’s this week?

So far, in the month of February, there have been;

  • 274 active residential listings, with an average list price of $336,223 and an average DOM of 97 (outliers included)
  • 38 newly listed or re listed residential listings, 27 of which have sold firm
  • with an average list price of $263,907
  • and an average sale price of $254,930
  • 96.6% of askingnote that this ratio is increasing as we head towards Spring Market

Here is this weeks very unsexy graph depicting the incline of  the list price to sale ratio over the last 4 weeks.  I know where this is headed, and it’s not going to be pretty, if you are a buyer, waiting for the weather to warm up before you get out looking at houses.

List Price to Sale Price Ratio

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