It looks as if the real estate market in the Georgian Triangle region is starting to cool off a little.
Home sales numbered 277 units in July 2017, down 28.8% from a year earlier. Year-to-date home sales numbered 2,016 units, down 11% from the record set last year but still running at the second best level on record.
The Southern Georgian Bay Association of REALTORS® comprises two distinctive markets. Home sales in the Western Region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and part of Grey Highlands fell 30.1% on a year-over-year basis to 160 units in July 2017. Year-to-date home sales in the Western Region numbered 1,274 units, down 12.3% from this time last year.
Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny and part of Georgian Bay Township, totaled 117 units in July. This stood 26.9% below July 2016. Year-to-date home sales in the Eastern Region numbered 742 units, sitting 8.6% below the first seven months of last year.
“Similar to what we saw in June, home sales remained at more moderate levels in July 2017, only a dozen sales below the 10-year July average but obviously well off last year’s record levels,” said Stan Reljic, President of the Southern Georgian Bay Association of REALTORS®. “That said, with overall supply levels still near rock bottom levels the current market remains very much in favour of sellers, even with a subset of buyers having moved to the sidelines.”
The number of new residential listings in July 2017 was 410 units, down 9.1% from a year earlier to the lowest July in 15 years.
Overall supply stands near record lows. There were just 778 active residential listings on the Association’s MLS® System at the end of July 2017, down 21.4% from year-ago levels.
There were just 2.8 months of inventory at the end of July, up slightly from 2.5 months recorded at the end of July 2016 but well below the long-run average 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 value of all residential transactions in July was $115 million, falling 12.8% from July 2016.
Sales of all types of properties numbered 318 units in July, a decline of 27.7% compared to the same month in 2016. The total value of all properties sold in July 2017 was $128.5 million, down 14.3% from July 2016.