october-december 2010, (Q4 2010)
in Peterborough District multifamily properties were in the BALANCED market zone, while singlefamily and condos were in the SELLERS market zone
in Rural district, waterfront singlefamily were in the BALANCED market zone , while waterfront cottages and singlefamily with no water access were in the SELLER market zone
when comparing jan-dec 2010 to jan-dec 2009
the number of properties sold is up in 2 categories, and very slightly down in 2 categories
the average selling price is up in 4 categories
and the average days on the market to sell is down in 4 categories
despite all the positive news above, there is a growing number of home owners having difficulty paying their mortgages, mostly due to loss of jobs ..... to try and get a feel for the size of this problem in the area, i have added a chart on the market update web page showing how the number of "Power of Sales" sold has changed over the years,
the very low number of "power of sales" in 2004 & 2005 when the numbers each year were just 5 and 4, contrasts quite markedly with the peak of 35 "power of sales" in 2009..... 2010 has ended the year at 32 ... let us hope that we will see the numbers quickly fall back over the next few years towards the 2005 number of just 4 ....interestingly the previous peak of 30 in 1999, came towards the end of the last housing recession
and new mortgage tightening rules announced on the 17th january 2011 come into effect 18th march 2011 .. see the previous post on my blog for details
hope that this is useful to you
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