Georgian Triangle Market Update March 2018
March 2018 Highlights
- New residential listings in March 2018 was 457 units, down 10.2% from a year earlier. This was the lowest March level in more than two decades.
- Home sales numbered 248 units in March 2018, down 35.8% from a record-smashing month of March in 2017.
- Year-to-date home sales numbered 541 units, down 30.7% from this time last year.
- Home Sales in the *Western Region numbered 172 units, down 27.7%.
- Year-to-date home sales in the Western Region numbered 362 units, down 26.4% from this time last year.
- Average price of homes sold in the Western Region was $496,271 in March 2018, an increase of 12.1% year-over-year.
- The year-to-date average price in the Western Region was $476,916, up just 2.3% from this time last year.
Sales in the Western District are still trailing well behind last year’s record-breaking market marks the big story in March, which was a noticeable rebound in Western District sales compared to a very quiet February,” said Matthew Lidbetter, President of the Southern Georgian Bay Association of REALTORS®. On the supply side, listings remain historically low across the Southern Georgian Bay region, which likely contributed to the double-digit year-over-year average price growth seen across the region in March.”
Overall supply remains near record lows. There were just 797 active residential listings in the region at the end of March 2018, up 12.1% from year-ago levels but below every other year by a large margin going all the way back to the mid-1990s.
There were just 3.2 months of inventory at the end of March, above the record-low 1.8 months recorded at the end of March 2017 but below every other year on record. 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 value of all residential transactions in March was $121.6 million, down 25.2% from the record-breaking levels seen in March 2017.
Sales of all types of properties numbered 288 units in March, a decline of 41.8% compared to the same month in 2017. The total value of all properties sold in March 2018 was $131.2 million, down 32.5% from March 2017.
* The Western District includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford and Grey Highlands
How Does Southern Georgian Bay Compare to National Real Estate Stats?
March 2018 National Highlights:
- National home sales inched up 1.3% from February to March.
- Actual (not seasonally adjusted) activity was down 22.7% from last year’s all-time March record.
- The number of newly listed homes rose 3.3% from February to March.
- The MLS® Home Price Index (HPI) in March was up 4.6% year-over-year (y-o-y).
- The national average sale price declined by 10.4% y-o-y in March.