Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® came in well below record year-ago levels in October 2017.
Home sales numbered 266 units in October 2017, down 19.4% from last year’s October record and in between the 10 and five-year averages for the month.
Year-to-date home sales numbered 2,808 units. While this was down 16.5% from the record set last year, it was still the second highest October year-to-date 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 9.8% on a year-over-year basis to 185 units in October 2017. Year-to-date home sales in the Western Region numbered 1,780 units, down 16% 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 81 units in October. This stood 35.2% below October 2016. Year-to-date home sales in the Eastern Region numbered 1,028 units, sitting 17.4% below the first 10 months of last year.
“Following the trend seen in the Western District in September, October saw sales in the Eastern District also start to move higher again, although activity across the region remains well below last year’s record levels,” said Stan Reljic, President of the Southern Georgian Bay Association of REALTORS®. “Even so, with inventories still running near all-time lows, the market is still very tight and prices remain well above last year’s levels.”
The number of new residential listings in October 2017 was 319 units, edging down 1.5% from a year earlier. This was the lowest reading for this month in 16 years.
Overall supply remains near record lows. There were just 683 active residential listings on the Association’s MLS® System at the end of October 2017, edging up just 0.3% from year-ago levels and one of the lowest level since the early 1990s.
There were just 2.6 months of inventory at the end of October, up from 2.1 months recorded at the end of October 2016 but still 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 October was $116.2 million, rising 4.7% from October 2016. This was a new record for the month.
Sales of all types of properties numbered 295 units in October, a decline of 25.5% compared to the same month in 2016. The total value of all properties sold in October 2017 was $133.5 million, unchanged from October 2016.
The Southern Georgian Bay Association of REALTORS® represents over 530 REALTORS® registered with its member offices. The geographical area served by the Association includes the Towns of Midland and Penetanguishene, the Townships of Severn, Tay, Tiny and part of Georgian Bay Township; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains and portions of the Municipality of Meaford and Grey Highlands.
submitted by Stan Reljic