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Tight market keeps home prices up, listings down

The number of units sold is down this year over last, but dollar value of sales is staying constant in the Southern Georgian Bay region.
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Erika Engel/Collingwood Today

The word Realtors are using to describe the local Real Estate market for October is: tight.

“Home sales were still running at somewhat subdued levels in October, a little below the 10-year October average in both the Western and Eastern Districts of the Association’s geographical area,” said Matthew Lidbetter, President of the Southern Georgian Bay Association of Realtors (SGBAR). “At the same time, active listings have barely budged from the historical lows they hit some two years ago. That is keeping the markets tight and placing a firm floor under prices.”

The number of units sold in October 2018 (295) decreased by 8.4 per cent compared to October 2017. Year-to-date, the number of units sold is down by 20 per cent in 2018 over 2017, with 2,679 units sold this year.

Average prices, however, shows no such downward movement. The dollar value of all residential transactions in October 2018 was $145.7 million, down 0.6 per cent from the same month in 2017.

Home sales in the Western region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, the Municipality of Meaford, and Grey Highlands, numbered 182 units in October 2018. This was down 8.1 per cent from October 2017.

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 113 units in October 2018. This was down 8.9 per cent (11 sales) from October 2017.

According to SGBAR, There were 443 new residential listings in October 2018. This was an increase of 20.4 per cent from the 16-year low recorded in October 2017. Overall supply remains near record lows.

Active residential listings numbered 1,052 units at the end of October. This was up 6.3 per cent from the end of October 2017.




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