As the local real estate market heats up for the spring — the Realtors Association of Grey Bruce Owen Sound says it appears as if the market is becoming more balanced.
The Association has released the local real estate figures from January with February continuing the trend.
President Karen Cox says the number of homes sold in the first month of this year was 104 — a 51 per cent increase from the same month last year.
And total dollar value of home sales in January was more than 22 million — a 76 per cent jump from year-ago levels.
Cox says however that speaks more to how dismal last year was, rather than how great this year is starting.
She admits its difficult to compare 2010 numbers with those during the economic downturn of 2009.
New listings also went up dramatically — by 34 per cent.
Cox says there seemed to be a pent up demand for new listings as sellers held onto their properties last year in the predominantly buyers’ market.
She says that’s about to shift to a more balanced market..which is better news for everyone.
Cox says there are several factors still fuelling buyers to get into the market sooner rather than later..including the tightening of mortgage rules in April, the HST coming in July and an increase in interest rates expected later this year.
Cox figures the real estate market will level off for the second half of this year.
