Our area is currently setting records for monthly property sales activities. It’s hot! Due to low inventory and high demand, we have a strong sellers market. If you would like an assessment on the value of your property, I would be pleased to provide a written report. Thank you for your consideration. Brendan Thomson 705-606-1270
Please take a look at the report below.
SOUTHERN GEORGIAN BAY – WESTERN REGION OCTOBER 2015 MARKET REPORT
This report summarizes the monthly stats for the Western Region of the Southern Georgian Bay Association of REALTORS® (SGBAR). For clarity, the SGBAR trading area also includes the Eastern Region of Southern Georgian Bay, due to an amalgamation of the Midland Real Estate Board and the Georgian Triangle Real Estate Board in 2014. We are now known as Southern Georgian Bay Association of REALTORS®. For this monthly report, our focus remains on the Western Region.
The total number of sales in the Western Region for October 2015 is 237 up 9% from 218 sales in October 2014. The total number of sales year to date is 2090, showing a 15% increase from 1817 sales from the same time last year. The total sales dollar volume for October 2015 is up 9% from October 2014. The total sales dollar volume YTD is up a very strong 21% from the same time last year.
There have been 2 sales over $1.0M in October compared to 3 last year. Overall this year, the luxury market continues to perform well with 38 sales over $1.0M YTD compared to 34 sales for 2014, showing an 11.8% increase. However the strongest growth area is the $500,000 to $800,000 price range showing a total of 209 sales YTD vs 156 for 2014 reflecting an increase of 34%.
The current number of active MLS listings at the time this report was written is 2157 vs 2896 for October 2014 which is a 25.5% reduction. As reported last month, the month to month number of new listings has steadily declined making the overall supply of listings in the Western Region for 2015 substantially lower than last year. There were 303 new listings in October 2015 vs 373 for October 2014. The total number of listings YTD is 3949 vs 4689 for 2014. YTD, that represents a decline of 16%.
There has been a drastic decline of the number of expired listings YTD, 1362 vs 1943 for 2014. There were 179 expired listings in October 2015 vs 264, representing a 32% decline. Historically, overpriced listings remained on the market until the expiry date and then Sellers would hold off relisting, waiting for better market conditions to support their price. Well other factors may be at play, the current stats for expired listings suggest that properties are more in line with market conditions and are therefore selling before the expiry date.
Consistent with the above, the number of months of inventory for detached homes was down 4.2 at the end of the third quarter from 6.9 months at the end of the third quarter of 2014 to one of the lowest levels on record. 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.
Facing a tighter market, with more buyers competing to purchase fewer properties, buyers no longer have the luxury of time and negotiation on their side and sellers have excellent opportunities to sell quickly for top dollar.
For the fourth time in the past six months monthly sales activity in October 2105 set a new record for its respective month and that has put the market on track for its best year ever in 2015. Meanwhile, with listings trending at the lowest levels in more than a decade, market conditions are arguably tighter than they have been in years.
Prepared by Diana Lea Berdini, Broker/Office Manager Collingwood/Owen Sound
Chestnut Park Real Estate Limited, Brokerage
These statistics are compiled using data from the MLS® system of the Southern Georgian Bay Association of REALTORS®