Big Year Ahead?
Watching the news, reading the economist reports and other mediums all seems to point to a really big year in 2010. In fact, most are predicting the biggest year in real estate ever. Thats right - ever. What that means for Brooks we don't know yet - but in the past, a strong provincial and national economy has been good news for Brooks. So everyone should be able to take a deep breath and be prepared for a busy year.
With saying all that I stumbled upon some interesting numbers. Now that the recession has been reported to be over and it all seemed to begin in September 08 - its been just over 12 months - giving us more clarity on what it did to house prices in Brooks. I am specifically looking at newer homes (less than 10 years) with garages.
NOVEMBER 1, 2007-SEPTEMBER 30, 2008
42 homes SOLD
Average Sale Price $336,572.
Sale to List Price - 98%
Average Days on Market - 112 days
NOVEMBER 1, 2008-SEPTEMBER 30, 2009
36 Homes SOLD
Average Sale Price $301,817
Sale to List Price - 96%
Average Days on Market - 118 days
Most of the above details shows that the recession didn't effect us in many ways except the most important figure....price! For a newer home in Brooks with a garage the numbers show the price dropped a staggering $35,000! Thats well over 10%!!. The other bothersome statistic I found is that this decrease has been a slow decrease over the course of the 12 months and hasn't seem to lost any of its steam in the last 6!!. As I said in the beginning of this blog - all seems to point to a better year in 2010 and we can keep our fingers crossed that it will reverse the trend of house price in Brooks.