Home sales are up in the region, but could be higher if there was more to buy according to a local Real Estate Broker.
Stan Reljic, a broker in the Collingwood and Thornbury area and the president of the Southern Georgian Bay Association of Realtors (SGBAR), hypothesized sales would increase in the region if there were more listings on the market.
“With inventories across the region still very low, monthly sales fluctuations seem to be in large part a product of where properties are or are not coming up for sale,” said Reljic.“Demand in the region is stronger than the current average sales volumes would suggest, and sales will very likely increase if more properties come up for sale.”
Last month, there were 369 residential sales recorded through the MLS system for the South Georgian Bay region, which is an increase of 14.6 per cent over May numbers last year.
The dollar value of those transactions totalled $189.7 million, rising 17 per cent from this time in 2018.
Year-to-date, the numbers are also increasing with 1,207 units sold from January to May in 2019, which is up by 5.1 per cent from the same period in 2018.
While home sales across the region are on the rise as of last month, the most growth occurred in the eastern area including Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay Townships, where there were 156 units sold last month, which is a 25.8 per cent increase over May 2018. The year to date total is 463 units over the first five months, which is an increase of 14 per cent over the same period in 2018.
In the western region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Meaford, and Grey Highlands, there were 213 home sales in May 2019, which is up by 7.6 per cent, or 15 sales, from May 2018.
Year-to-date, there were 744 units sold in the western region which is about even (an increase of 0.3 per cent, or two sales) with last year.
Across the region, there were 786 new residential listings in May 2019.
According to a press release from SGBAR, active residential listings numbered just 1,300 units at the end of May 2019. While this was an increase of 23 per cent from the end of May 2018, inventories are still very low. Despite the increase, the overall supply remains low compared to historical levels. The May average going back to 1995 is about 2,200 listings.