Home sales in the Bancroft have started the year off with a slight drop.
The Bancroft and Area Association of Realtors says 10 homes were sold in the area in January, marking a 16 per cent year-over-year decline.
President Marilyn Dillon says January is always a quiet month for the local housing market, so it’s hard to tell much from the sales at this time of year. But, Dillon says the biggest factor heading into spring will be the ever shrinking number of listings in the region, which could cause prices to go up, but limit the number of sales.
There were 61 homes up for sale in the area last month, a record low for January. The average price was just over $208,000, which is a nearly 40 per cent year-over-year increase. However, the association points out prices often go up during the winter months because not many homes are sold.
The average home spent about six months on the market at the end of last month.