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®.

 

 
 
The story for the month of November was consistent with previous market reports for the Western Region of Southern Georgian Bay with regard to low listing inventory. 210 new listings were reported for the month of November 2016 vs 234 in November 2015. That decrease marked a 10% decrease year over year. Year to date (YTD), listings were down 9%, with 3805 listings reported in November 2016 vs 4174 listings in November 2015 which was already significantly fewer than the 4937 listings reported YTD in November 2014, confirming that overall supply remained at very low levels.
 
 
Meanwhile, further contributing to the tight market, even with limited listing inventory, sales were up 8% with 187 sales reported in November 2016 vs 173 sales in November 2015. YTD, sales were up 16% with November 2016 reporting 2626 sales vs 2259 sales in November 2015.
 
 
Within the Western Region, residential single family home sales activity did vary by area. The number of sales was up 7.2% year over year from 335 sales in November 2015 to 359 in November 2016. The 12 month average price for a home in Collingwood in November 2016 was $439,052, up 19.8% from $366,566 in November 2015. The number of sales in The Blue Mountains rose 2% with 200 sales reported in November 2015 vs 204 sales reported in November 2016. The Blue Mountains 12 month average price was up 8.2% from $610,668 in November 2015 to $660,972 in November 2016. Mulmur saw a 166.7% increase in sales with 3 reported in November 2015 vs 8 in November 2016. The 12 month average price was up 57.4% from $470,000 in November 2015 to $739,642 in November 2016.
 
 
The number of sales in properties priced from $100,000 to $299,999 fell November 2016 over November 2015, however, the number of property sales in every price category from $300,000 up to $2,499,999 in November 2016 was either higher than or equal to those in November 2015, highlighting both strong demand and that prices are going up across the board.
 
 
The monthly sales-to-new listing ratio was 89.05 for November 2016, up from 73.93 November 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. With an ongoing ratio this year over 60 percent, the statistics continue to confirm a Seller’s market.
 
 
Many potential Sellers have been reluctant to put their homes on the market as they are unable to find alternative housing options, which in many cases have become increasingly less affordable. With the number of available properties at record lows, the coming months would be a great time for Seller’s to jump into the market to loosen the constraints on supply. Buyers must be prepared and ready to act fast when new listings are brought to
market.
 
 
With only one month left in the year, it can be said with certainty that 2016 will be an all-time record year for sales in the Western Region.
 
 
 
Prepared by Diana Lea Berdini, Broker/Office Manager Collingwood/Owen Sound Chestnut Park Real Estate Limited, Brokerage 

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