Detailed Analysis of Gander's Historic Sales Data (2014-2024)

Overview

This analysis examines average sale prices and the number of sales for residential properties in Gander over the 11-year period from 2014 to 2024. The data highlights trends in the real estate market, including periods of growth, stability, and fluctuation.

Average Sale Price Trends

1. 2014-2016:

   • 2014: $240,790

   • 2015: $253,355 (an increase of 5.2%)

   • 2016: $228,130 (a decline of 9.9%)

   The market showed a slight increase in 2015 but dropped in 2016, reflecting some market volatility.

2. 2017-2019:

   • 2017: $259,811 (a 13.9% increase)

   • 2018: $237,152 (an 8.7% decrease)

   • 2019: $235,334 (a marginal 0.8% decrease)

   This period saw fluctuations, with 2017 peaking, followed by a downward trend over the next two years.

3. 2020-2022:

   • 2020: $258,196 (a 9.7% increase)

   • 2021: $266,357 (a 3.2% increase)

   • 2022: $324,262 (a 21.7% increase)

   The market rebounded significantly during this period, driven by factors such as increased demand, low interest rates, and changing housing needs during the pandemic.

4. 2023-2024:

   • 2023: $305,688 (a 5.7% decrease)

   • 2024: $336,180 (a 10% increase year-to-date)

   After a decline in 2023, the market has shown strong growth in 2024, indicating renewed demand and buyer confidence.

Sales Volume Trends

1. 2014-2016:

   • 2014: 88 sales

   • 2015: 107 sales (a 21.6% increase)

   • 2016: 98 sales (an 8.4% decrease)

   Sales activity increased notably in 2015, followed by a slight decline in 2016.

2. 2017-2019:

   • 2017: 116 sales (an 18.4% increase)

   • 2018: 117 sales (a 0.9% increase)

   • 2019: 123 sales (a 5.1% increase)

   Steady growth in sales during this period reflects a balanced and stable market.

3. 2020-2022:

   • 2020: 138 sales (a 12.2% increase)

   • 2021: 218 sales (a significant 57.9% increase)

   • 2022: 224 sales (a 2.8% increase)

   This period saw a boom in sales, particularly in 2021, likely influenced by favorable market conditions and increased demand for housing.

4. 2023-2024:

   • 2023: 172 sales (a 23.2% decrease)

   • 2024: 131 sales year-to-date

   Sales dropped in 2023, and while 2024 has yet to match the peak years, the year-to-date figures suggest a modest recovery.

Key Insights and Trends

1. Price Growth:

   • The average sale price has shown an overall upward trend over the 11 years, increasing from $240,790 in 2014 to $336,180 in 2024. This represents a 39.6% increase over the period.

2. Market Volatility:

   • Periods of decline (2016, 2018, 2019, and 2023) reflect market corrections, but strong rebounds in 2017, 2020, 2021, and 2024 indicate the market's resilience.

3. Sales Activity:

   • The highest number of sales occurred in 2021 (218), while 2014 saw the lowest (88). The pandemic likely fueled the surge in 2021, while the market correction in 2023 brought sales down.

4. Current Market Conditions:

   • In 2024, the average sale price has increased, suggesting demand is recovering. However, the number of sales is lower compared to peak years, indicating the market is still stabilizing.

Conclusion

The Gander real estate market has demonstrated consistent long-term growth in average sale prices despite occasional fluctuations in sales volume. The data suggests that while the number of sales has decreased in recent years, property values remain strong, reflecting continued demand and confidence in the local housing market. This trend positions Gander as a stable market for both buyers and sellers, with potential for future growth.