What Happened In 2018
The Corner Brook real estate market has been slowing down over the last few years and we are now in a buyer’s market. Last year we saw the number of new listings decrease by 6.7% compared to 2017 while sales stayed the same (189 sales in 2017 and 190 sales in 2018). It’s a great time to find a good deal on a new home. If you’re a seller looking to get your home sold then it’s important to make sure your REALTOR© offers extensive marketing on your property.
Days On Market (the number of days it takes a home to sell when priced at market value) dropped to 79 days, however the average home price also dropped to $199,404, for all housing types. Interestingly, the median sales price dropped by a larger margin, telling us that more homes are selling in the lower price range of about $185,000 as opposed to the same home selling for less, although the average sale price did drop by 3.6%
| 2017 | 2018 | Percent Change | |
|---|---|---|---|
| Average Sale Price | $206,795 | $199,404 | -3.6% |
| Median Sale Price | $199,900 | $184,500 | -7.7% |
| Days on Market | 94 | 79 | -16% |
| Total New Listings | 401 | 374 | -6.7% |
| Total Sales | 189 | 190 | 0.1% |
| Sale to List Price Ratio | 94.3% | 93.9% | – |
| 2017 | 2018 | Percent Change | |
|---|---|---|---|
| Single Family | $204,856 | $197,985 | -3.6% |
| 2-Apartment | $234,960 | $237,222 | 1% |
| Mobile Homes | $59,500 | $59,417 | – |
What To Expect In 2019
Last year the province had the lowest GDP growth of 0.4%. This year we are expected to lead all other provinces with a GDP growth of 5.2%. This is mostly fueled by increased offshore oil royalties and oil projects such as the By Du Nord project coming online. With new money being pumped into the economy we are hoping to see a rebound in the real estate market in 2019. We are already seeing increased activity in the first two months of this year.
If you have any questions about the real estate market you can call/text Mike Bishop at (709) 638 – 4655 or email mikebishop@hotmail.com