Bidding wars, bully offers and properties selling for tens of thousands of dollars over asking price were the new “norm” throughout 2017.
2018, by comparison, will be remembered for a return to a more balanced market.
While competing offers and sale prices over asking still happened, they weren’t as prevalent as the year prior.
In 2018, the number of residential real estate sales dropped 17.6% to 800 units while the average sale price increased 8.89% to $379,882.
At the same time, the number of residential listings reported for sale on the local MLS® was 1,227, up slightly from the previous year.
Norfolk real estate sales appear to have been impacted by federal government changes to mortgage rules over the past year, including a stress test for applicants, and rising interest rates meaning a lot of buyers hit a ceiling on what they can afford.
For specific real estate information about your Norfolk County neighbourhood, contact any of our Erie’s Edge REALTORS® by clicking here