Thunder Bay MLS Home Sales Soar In February!
Sales of single-family detached homes through the Thunder Bay MLS network skyrocketed in February 2010 compared to February last year. 81 homes were sold through MLS last month compared to just 60 in February 2009 - a whopping 35% increase! Along with this dramatic increase in the number of Thunder Bay MLS homes sold was an even more impressive increase in the value of home sold last month. The average price for these homes shot to $148,375 last month compared to $123,328 in Feb '09 - a staggering increase of over $25,000 and 20.3%! There are probably a few different factors resulting in these eye-popping numbers but one of them is very likely the lack of available inventory for the current demand. February 2010 saw only 114 new listings come on the market compared to 105 new listings in February 2009 and just 212 active Thunder Bay MLS listings last month compared to 214 active listings in February last year. These represented an increase in new listings of only 8.6% and a 0.9% decrease in active Thunder Bay MLS listings in February 2010 compared to February 2009.
What does this mean for the near future? It is hard to tell but generally we see an increase in the number of listings with the arrival of spring. This may help prices stabilize if demand just remains constant. However, it is difficult to know just how many people are looking for a new home in Thunder Bay. Many people predicted gloom and doom for our local real estate market with the downturn of our local and regional economy. Our market has proven to be very resilient and it continues to be a very strong real estate market.