This report summarizes the monthly stats for the Western Region of the Southern Georgian Bay Association of REALTORS® (SGBAR). For clarity, 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. We are now known as Southern Georgian Bay Association of REALTORS®. For this monthly report, our focus remains on the Western Region.
 
Even though the total number of sales in the Western Region for November 2015 is down from last month consistent with seasonal trends; 237 sales in October 2015 to 174 in November 2015, the November 2015 sales are up 12% from 156 sales in November 2014. The total number of sales year to date is 2261, showing a 15% increase from 1973 sales from the same time last year. The total sales dollar volume for November 2015 is $55,112,227 up 15% from $47,800,395 in November 2014. 
 
The luxury market continues to perform well with 4 sales over $1.0M in November 2015. One view property with acreage sold for over $1.0M and the other sale of view property with acreage sold for over $1.5M. Two waterfront properties sold for over $1.5M. There have been 42 sales over $1.0M YTD compared to 36 YTD for 2014, showing a 16.7% increase.
 
Consistent with our October 2015 report, sales in the $500K to $799,999K showed the strongest growth again, 220 sales compared to 167 from November 2014 YTD, reflecting a 31.7% increase.
 
The number of active MLS listings at the time this report was written is 1252 compared to 2539 for November 2014 which is a 50% reduction.  As reported over the past few months, the number of new listings each month has steadily lagged the number recorded for that month the year previous resulting in the overall supply of listings in the Western Region for 2015 being substantially lower than last year. There were 235 new listings in November 2015 vs 249 for November 2014. The total number of listings YTD is 4180 vs 4937 for 2014. YTD, that represents a decline of 15.3%.
 
A measure of market activity is a ratio known as the Sales to Listings Ratio. The ratio compares the number of sales to the number of listings in the market we are measuring. This statistic is able to measure the balance between supply and demand.  There is no standard ratio for any market, but some analysts agree a ratio less than 40% is a buyer’s market, 40%-60% is a balanced market and over 60% is a seller’s market.
 
In a Buyer’s market, when there are more homes for sale than there are buyers, prices can drop over time as home owners become more and more eager to sell their property.
 
In a Seller’s market there are a lot of qualified buyers in the market place and not enough homes for sale. When these conditions occur, bidding wars can drive up prices and sought-after properties may see multiple offers.
 
Looking at our statistics to determine the type of market we are experiencing, the monthly Sales to Listing Ratio for November 2015 is 74.04% which makes a clear statement that November 2015 is clearly experiencing a Seller’s Market.  The YTD Sales to Listing Ratio is 54.09%. 
 
Expired listings continue to decline YTD with 1482 expired listings for 2015 vs 2164 for 2014. There were 121 expired listings in November 2015 vs 221 November 2014, representing a 45% decline. Even though Seller’s take their properties off the market for one reason or another, one assumption for the low number of expired listings is that properties are priced for market conditions and are selling within their listing period. 
 
At the time of this report, we are seeing unseasonably warm weather conditions and green ski hills! Good thing Southern Georgian Bay has planned lots of festive events for the Holiday Season for local residents and winter visitors to enjoy, with or without the snow! No need for Seller’s to wait to list their properties. Our current market conditions indicate there is no time like the present.
 
 
Prepared by Diana Lea Berdini, Broker/Office Manager Collingwood/Owen Sound
Chestnut Park Real Estate Limited, Brokerage

These statistics are compiled using data from the MLS® system of the Southern Georgian Bay Association of REALTORS® 

 

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