This report summarizes the monthly statistics for the Western Region of the Southern Georgian Bay Association of REALTORS® (SGBAR). 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. However, this report is restricted to the Western Region, formerly known as the Georgian Triangle Association of REALTORS®.  

 

Southern Georgian Bay Real Estate Market Update  

 

With 280 new listings reported for the month of October, 2016 vs 301 in October 2015, the shortage of inventory continued into the 4th quarter of 2016. That decrease marked a 70ecrease year over year. YTD, listings were down 9%, with 3596 listings reported in October 2016 vs 3940 listings in October 2015. October 2014 reported 4688 listings, evidence that the scarcity of inventory has been ongoing for some time!  

Sales remained strong although continued low supply will certainly place a limit on how many transactions are possible every month going forward. Sales were up 8% with 254 sales reported in October 2016 vs 235 sales in October 2015. YTD, sales were up 17% with October 2016 reporting 2439 sales vs 2086 sales in October 2015.  

Of the 254 sales reported, single family home sales represented 103 sales for the month. Other single family residential sales, such as townhomes, condos, chalets, cottages represented 102 sales. Vacant land and farm properties represented 49 sales.  

 

217 Peters Crescent Summer All Full Resolution 61

217 PETERS CRES, EUGENIA

 

  Likely due in large part to the lack of inventory, there are fewer sales this year than last year in properties priced from $150,000 to $349,999. With the exception of the $700,000 to $899,999 price range, the trend showed more sales October 2016 over 2015 as price points increased from $350,000 up. Buyers may have been forced to increase their budget to nd a home. Activity in properties from $900,000 up were equal to or exceeded sales from the year previous. Noteworthy to mention that sales from $1,000,000 to $1,499,999 tripled from 2 sales in 2015 to 6 sales in 2016.  

The monthly sales to new listing ratio was 90.71 for October 2016, up from 78.07 October 2015. A sales-to- new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively. Clearly with a ratio this high, the statistics are con rming a Seller’s market once again.  

 

137292 12 GREY RD, MEAFORD

137292 12 GREY RD, MEAFORD

 

 

There were just 2.1 months of inventory at the end of October, down from 4.1 months recorded at the end of October 2015 and well below the long run average for this time of year. The number of months of inventory is an important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.  

Even with inventory low, housing demand remains strong in the western region of Southern Georgian Bay and with just two months left to go this year, it appears that 2016 will be an all-time record year for sales.  

Prepared by Diana Lea Berdini, Broker/Office Manager Collingwood/Owen Sound Chestnut Park Real Estate Limited, Brokerage  

 

(Feature Image Provided By Ellen Jarman)

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