December 2016 Market Update

2016 ended with a resounding whimper. Just about every meaningful statistical measure fell in the month of December from the number of sales, new listings, total active listings to prices. This is not altogether unexpected as December is always a quiet month and it continued a trend begun earlier in the year.

If we compare these numbers to a year ago, they look quite dismal as 2015 was one of the strongest years in our history. However, put into the context of the last ten years the numbers look fairly typical. For example, Sales are 35% lower than they were a year ago but only 13% below the 10 year average.

Another trend that continues is lower sales numbers as well as very low active listing counts. In the last couple of months we also finally saw prices step lower. We’ll be curious to see whether these trends continue into the new year…but we doubt it. There appears to be a lot of pent up demand as mortgage brokers and realtors report that they are busy with new clients hoping to get into the market.

December 2016 – INFOGRAPHIC