What a year we have had, wow! Unexpected – yes, will we take it – YES! Coming into this year, the speculation or forecast was that the market would be below/see slightly less activity than 2018 but that currently has not been the case.
To the end of November we are up almost 11% higher in the number of sales, and close to that in total dollar volume. And that is with 15% fewer listings from last year; sales up, inventory down, no wonder properties are selling quickly and often with multiple offer situations.
Of course, many people are asking, “what is driving the market?”- it certainly is not our economy. What is happening is, the 3 major age groups are all buying and selling. Millennials have certainly hit the market strong again this year, with a lot of first-time buyers coming from that group. Then there are the baby boomers selling – in many cases, sizing down. As well, there are their parents, a large age group that in many cases are getting into garden home or one-level living with the older end of that group moving into apartments and senior housing.
We are also very pleased to see many people moving back to the greater Saint John area to retire; some with roots here having moved away to work 20-35 years ago, some with family still here and others from across the country to take advantage of this beautiful area and our great housing prices.
To all our valued clients we wish you the very best of the holiday season and a healthy, joyful and prosperous New Year!