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

 

 

The lack of listing inventory continues to be the main topic in most real estate conversations. Despite a 1% increase, listing inventory remained low in March 2016 with 429 new listings reported vs 423 for March 2015. Year To Date (YTD), listings were down 8% with 951 listings in March 2016 vs 1039 listings in March 2015. This is the third consecutive March where the YTD listings have declined. YTD, March 2014 showed 1176 listings.

 

Notwithstanding the low inventory, sales remain strong. 188 sales were reported for March 2016 with a 0% change from March 2015. YTD, March 2016 saw 475 sales over 417 in March 2015, marking a 14% increase. Worth noting that YTD sales are up over the past three years with 320 sales reported in March 2014 even though YTD listings have declined.

 

With positive influences such as a healthy economy, low interest rates and continued positive consumer confidence it’s not surprising that the monthly number of sales in the $300,000 to $399,999 and $500,000 to $699,999 price ranges have increased from March 2015 to March 2016 as well as YTD March 2015 to 2016. The number of sales in the $400,000 to $499,999 are down March 2016 over 2015, which could be as a result of low inventory currently available in that price range.

 

There has been a significant jump in sales over $1,500,000 when comparing March 2015 to March 2016 and YTD sales. Sellers may be realistically pricing their properties in a market where inventory is tight to attract the available Buyers.

 

Sales of residential single family homes in some municipalities are more robust than others. Clearview has experienced a substantial 90.9% increase YTD from March 2015 to March 2016 with sales increasing from 22 to 42. Wasaga Beach is up 59% year over year. Collingwood is down 1.6%, The Blue Mountains down 9.8%, Municipality of Meaford down 32% and Grey Highlands down 44%.

 

 

With the anticipation of the spring market, high demand combined with limited supply will continue to support the strong seller market conditions the Southern Georgian Bay Western Region is currently experiencing. Buyers should be prepared for multiple offers in some circumstances and tougher lending conditions due in part to lender losses from commodity dependant provinces. For Buyers looking to get a mortgage, allow more time, more paperwork and more due diligence from your lender.

 

Prepared by Diana Lea Berdini, Broker/Office Manager

 

Collingwood/Owen Sound Chestnut Park Real Estate Limited, Brokerage

 

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

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