Southern Georgian Bay Home Sales Dip Below Average in July
View updated market graphs including community specific stats HERE
For the first time in 40 months, since March of 2014 – the Georgian Triangle’s monthly volume sales failed to set a new record over the previous year. July’s MLS® dollar sales of $80,861,900 were down 18% from last July’s record of $98,335,000. Unit sales of 177 were down 33% from last year’s high of 263, with 2% fewer new listings on the market.
Overall, the month had a 55% sales/listings ratio with only 52 expired listings. Turning now to year-to-date sales, 2017’s record volume of $714,388,943 is up 19% from 2016’s previous record pace, while units of 1566 are down 5% from last year’s record of 1641. The drop in units from last year is mainly due to slowing sales in the lower-priced home segments, a development which in turn is partly the result of the region’s jump in the average sale price from July 2016. Thanks to the greatly overheated market we’ve seen for much of 2017, the region’s average sale price of $456,187 is up a big 25% from the $364,525 of one year ago.
Despite July’s failure to set a record, it was the region’s third-best July ever for volume. With new listings down from 2016, a 55% sales/listings ratio and the average sale price holding steady at 25% over last year, the demand for listings still definitely exceeds the supply.
While unit sales are down 37% in the high-volume $100K-$299K price range, and also slightly down – for the first time this year – in the under $100K range, they’re up significantly in all other ranges.
- The $300K-$499K range is up 5% from 2016 while the entire $500K+ range is up 57% from 2016. Within that range, the $500K-$799K, $800K-$999K, $1M-$1.999M and $2M+ ranges are up 43%, 42%, 218% and 50% respectively. Taken one step further, the highend $1M+ market is up a huge 173% and has shown no sign of slowing from earlier this year. It will be interesting to see if unit sales rebound or continue to slow for the remainder of 2017.
Home sales in the Western Region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and part of Grey Highlands:
- Sales Dollar Volume was down -18% for all real estate Western Region at $80,861,900
- Year to Date sales dollar volume remains up by 19% at $714,388,943
- July unit sales fell 33% on a year-over-year basis to 177 units in July 2017
- Year to Date unit sales are down by -5% at 1566 units
- Number of new listings for July was 321, down -2%
- Year to Date New Listings are down -14% at 2335.
The average price of homes sold in the Western Region was $453,678 in July 2017. This was an increase of 22.8% from a year earlier. The year-to-date average price in the Western Region was $468,508, up 28.7% from the same time last year.
With overall supply levels at low levels the current market remains very much in favour of sellers.
View updated market graphs including community specific stats HERE
