Welcome to “Pennington’s Perspective: Annual Market Update” where we look back on 2015 and on how our local real estate market performed.
2015 was an exciting time to be a Realtor in Northumberland. You likely noticed that many 'For Sale' signs that popped up were quickly followed by 'Sold' signs. Multiple offers for properties and buyers having to compete used to be exclusive to big city markets, but last year in Northumberland multiple offers became a common occurrence. So here we will recap a record-breaking year in Northumberland with some sales statistics that speak to how it happened.
In 2015 there were 1549 homes put on the market for sale compared to 1823 in 2014. This was 15% decrease in overall inventory. Now within the inventory of homes offered for sale, 1188 were sold, compared to only 1070 sales in 2014. This was an 11% increase in the volume of sales.
Now what happens when the inventory for sale decreases but the demand increases? It’s a perfect storm for a sellers' market, and 'big city bidding wars' that contributed to a year over year value increase of 8.3%. This was a significant value increase for Northumberland, as the 2014 average appreciation was only 2.8%. 2015 was a record breaking and exciting year, and 2016 is already shaping up to be another busy year in Northumberland real estate.
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