2010 Year in Review
Ben Schmidt of www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about the year 2010
This is my attempt to cram in a review in under 2 minutes (hahaha, it took 3 minutes) , thats gonna be tough.
Listing - homes that Came on the market place. Specific to Fredericton North and South. So this is not Oromocto this is not surrounding areas. We saw an increase in listings over the run in a year, by about, 7.5 %. In 2009 we have roughly 1830 homes come on in the market place. 2010 we had about 1970 so right around 130 more homes and again an increase of 7.5 percent. This meant, more to choose from as a buyer and it meant more competition if you were a seller. So it was a tough year for sellers.
In terms of sales, first 4 months we rocked it, we were doing much better than 2009. Houses were selling in 24 hours, 48 hours or less. We are just moving and shaking. May, it just tanked. For the next four months, nothing happened. I think it had to do with mortgage rates, to start the year we were record lows, both 3.6%, and right around May, is when they gone up to 4.4 percent. Bank of Canada dropped that, sales did pick up. I think the other reason why it went kind of slow is the amount of attention that the canadian real estate market as a whole was getting. Fredericton and Oromocto is a much more insulated city compared to the rest of those big market places.. Vancouver, calgary etc.. Ill do a post why I think that. So dont believe on a lot of media that you read, see and hear, when you hear about the Canadian real estate market as it applies to Fredericton, it does not really apply.
May June, July, August it tanked. There is no sales happening. In the last 4 months, were pretty equal to the way they look at 2009. So we ended the year terms of sales, just last 2009, 3.5 percent less homes sold, which was about 37 less homes, which really wasnt a whole lot. So with the end of the year, pretty close to 2009.
What that means overall, theres more listings in the market place that should roll over in 2011, so we should start the year with a good amount of inventory which again means it may be tougher for the sellers. If you look at 2010 as a whole, it was definitely a buyers market place. Sometimes balanced, but we lean more towards the buyers. I think thats going to continue for a few more months.
If you have any questions about 2010 Real Estate or a question for a Realtor email me at ben.schmidt@me.com