Market Update - May 2009
Numbers published late last week by the Parry Sound Real Estate Board confirm that the 2009 real estate market is closely following what happened in 2008.
Although the total number of sales number is down 19% (attributable to a slow first two months of 2009) the March-April time period showed almost identical volume to the corresponding time period the previous year.
Lower interest rates and softer prices for both residential and waterfront real estate appears to have mitigated some of the negative affect of the recession, and at least in the Parry Sound area, has helped stabilize the market.
Demand for most types of real estate has strengthened this spring, but buyers are cognizant of market conditions so if you're thinking of selling, you can't be aggressive with pricing. Or, as I told a client recently, this is not the time to take profits in the market, especially if you purchased in the past 2 to 5 years.
This is not a time to float "trial balloons" or "test the market", folks. It is a buyers market, afterall.
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