Staff
Residential sales recorded through the MLS system for the Southern Georgian Bay region totalled 295 units in October 2018. This was down 8.4 percent from October 2017. On a year-to-date basis, home sales totalled 2,679 units over the first ten months of the year. This was down 20.6 percent from the same period in 2017.
The Southern Georgian Bay region comprises two distinctive markets.
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 percent from October 2017. On a year-to-date basis, home sales in the Western Region numbered 1,588 units over the first ten months of the year. This was down 20.4 percent from the same period in 2017.
Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, the townships of Tay and Tiny, Severn, and Georgian Bay numbered 113 units in October 2018. This was down 8.9 percent (11 sales) from October 2017. On a year-to-date basis, home sales in the Eastern Region numbered 1,091 units over the first ten months of the year. This was down 20.9 percent from the same period in 2017.
“Home sales were still running at somewhat subdued levels in October, a little below the ten-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. “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.”
There were 443 new residential listings in October 2018. This was an increase of 20.4% 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 percent from the end of October 2017.
Months of inventory numbered 3.6 at the end of October 2018, up a bit from the 3.1 months recorded at the end of October 2017 but less than half the ten-year average of 6.9 months 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 dollar value of all residential transactions in October 2018 was $145.7 million, edging down just 0.6 percent from the same month in 2017.
Sales of all property types numbered 330 units in October 2018, down 7.3 percent from October 2017. The total value of all properties sold was $157.9 million, up 0.9% from October 2017.
The Southern Georgian Bay Association of Realtors represents over 570 realtors registered with its member offices. The geographical area served by the Association includes the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny and parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains and portions of the Municipality of Meaford and Grey Highlands.
