The home sales numbers are in for September, and this year’s trend continues with a decrease in sales from last year.
“The story has not changed much over the last few months, with sales still running at subdued levels compared to recent years and supply still not picking up from its current historically low levels,” said Matthew Lidbetter, President of the Southern Georgian Bay Association of Realtors (SGBAR). “That is keeping some tightness in the market, which is placing a firm floor under prices.”
The “firm floor” he’s referring to is a 1.5 per cent increase in total value of all properties sold in September 2018 ($134.4 million) compared to September 2017 despite a more than 20 per cent decrease in the number of units sold.
Sale prices are up, and it looks like there’s an uptick in supply, though it will take a lot more to bring supply levels into overall positive trends. According to a media release from SGBAR there were 475 new residential listings, which is an increase of 4.4 per cent on a year-over-year comparison.
Overall supply, however, remains near record lows down 0.7 per cent from the end of September 2017, making it the lowest level of overall supply since the mid-1990s.
In the entire region, there were 271 units sold in September 2018 and 2,385 year-to-date. That’s a 10 per cent increase from September 2017 and 21.9 per cent from the 2017 year-to-date numbers.
In the western region, including Collingwood, Wasaga Beach, Clearview Township, The Blue Mountains, Meaford, and Grey Highlands, there were 151 units sold last month, which is down by 16 per cent over September 2017.
In the eastern region, including Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay, there were 120 units sold last month, which is down by 2.4 per cent from September 2017.