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Southern Georgian Bay home sales in line with ten-year average

However, active listing are stuck near the historical lows they hit two years ago
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NEWS RELEASE
SOUTHERN GEORGIAN BAY ASSOCIATION OF REALTORS
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Residential sales recorded through the MLS® system for the Southern Georgian Bay region totaled 243 units in November 2018. This was unchanged from November 2017 and stood three transactions above the ten-year average for that month.

On a year-to-date basis, home sales totalled 2,921 units over the first 11 months of the year. This was a decrease of 19.2 per cent from the same period in 2017.

The Southern Georgian Bay region comprises two distinctive markets.

Home sales in the Western Region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, the Municipality of Meaford, and Grey Highlands, numbered 139 units in Nov. 2018. This was down 7.9 per cent (12 sales) from Nov. 2017 and was three sales below the region’s ten-year average. On a year-to-date basis, home sales in the Western Region numbered 1,727 units over the first 11 months of the year. This was a decrease of 19.5 per cent from the same period in 2017.

Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny, Severn, and Georgian Bay Townships, numbered 104 units in Nov. 2018. This was an increase of 13 per cent (12 sales) from Nov. 2017 and was seven sales above the ten-year November average.

On a year-to-date basis, home sales in the Eastern Region numbered 1,194 units over the first 11 months of the year. This was a decrease of 18.8 per cent from the same period in 2017. “Home sales for the Association’s overall geographical coverage area were stable at average levels in November, with an increase in the Eastern District exactly offset by a decline in the Western District,” said Matthew Lidbetter, President of the Southern Georgian Bay Association of REALTORS®. “While activity across the region has improved compared to earlier this year, active listings have remained stuck near the historical lows they hit some two years ago. That is keeping the markets tight and placing a firm floor under prices. In fact, we may be seeing prices starting to pick up again.”

There were 311 new residential listings in Nov. 2018. This was an increase of 22 per cent on a year-over-year basis but remained below most of the last decade.

Overall supply remains near record lows. Active residential listings numbered 883 units at the end of Nov. This was an increase of 14.1 per cent from the end of Nov. 2017. It was also slightly above the same time in 2016, but was well below the ten year prior to that when active supply at the end of November averaged more than 2,150 listings – two and a half times the current level.

Months of inventory numbered 3.6 at the end of November 2018, up a bit from the 3.2 months recorded at the end of Nov. 2017, but well below the long-run average of 8.6 months for this time of year.

The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. The dollar value of all residential transactions in Nov. 2018 was $124.8 million, rising 17.2 per cent from this time in 2017. Sales of all property types numbered 284 units in November 2018, up 4.4 per cent (12 sales) from November 2017. The total value of all properties sold was $137.6 million, rising 16.6 per cent from November 2017.

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