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MLS Residential Sales Higher during Fourth Quarter
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MLS sales jumped 26% to 1058 compared to 2010's fourth quarter sales of 839.
October, November and December MLS sales were 375, 374 and 309, respectively.
First quarter average MLS residential house price climbed nearly 7 percent to $275,488 compared to $257,481 during the fourth quarter of 2010 and averaged $268,608 during 2011.
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Market Conditions Improved
There were approximately 1,288 new residential listings during the fourth quarter compared to 1,215 during the same period in 2010.
Active listings or inventory averaged 1,656 a month from October to December versus 1,597 a month during Q4 of 2010.
The sales to active listings ratio indicated market conditions were improving when 20% of listings sold in October, 21% in November and 23% in December and averaged 21.5% during the quarter versus a much lower 18% in the fourth quarter of 2010.
Active Listings Increase
Active residential listings or inventory increased 3.7% during the fourth quarter.
Active lisings for October, November, and December were 1,861, 1,770 and 1,337 respectively.
The small rise in inventory, combined with with the large sales increase, resulted in market conditions moving towards a more balanced market towards the end of the fourth quarter.
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The posted 5-year mortgage rate began the third quarter at 5.19% and ended the quarter at 5.29%.
The Bank of Canada overnight rate remained unchanged at 1% with prime at 3% at major Canadian banks.
With the overnight rate expected to remain flat this year and next, mortgage rates will remain at historically low levels.
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