The trend in the Norwegian housing market is more stable than last year. Nominally, house prices rose by 1.1 percent from January to February.
Housing prices are now 2.3 percent lower than a year ago.
– “The price trend in February confirms the trend we have seen in recent months that real estate prices are stabilizing. Even though we have had a weaker growth than usual so far this year, the fall in prices has stopped,” says Christian Vammervold Dreyer, Managing Director of Eiendom Norge.
“It seems that the market is balancing out in many of the cities in the long run, which reduces the uncertainty for those who are going to sell and buy real estate,” says Dreyer.
On average, it took 54 days to sell a property in February 2018, which is 16 days more than February 2017. Fastest sales time was in Drammen with 31 days and the slowest was in Kristiansand with 97 days.
“Sales time is falling in the country as a whole, but it is still high compared with previous years. We expect the sales period to continue to fall over time, “says Dreyer.
The housing market went up in all parts of the country. Of the cities, Kristiansand had the strongest development, with an increase of 2.1 percent. The weakest development was in Trondheim with an increase of 0.1 percent.
The year-on-year growth was weakest in Oslo, with a decline of 9.1 percent. Fredrikstad / Sarpsborg has the strongest development with an increase of 5.2 percent.
© NTB Scanpix / #Norway Today