Georgian Triangle Market Update February 2018
Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® (SGBAR) in February 2018, came in well below year ago levels in the region.The Western District of SGBAR consists of Wasaga Beach, Springwater, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and Grey Highlands. This region produced 76 residential sales last month, which was a decrease of 46.5% compared with February the previous year.
The number of new residential properties listed in February in the Western District of SGBAR® totalled 179 units, an increase of just 0.6% from February 2017 (a decrease in the number of new listings was evident year over year for the past several years prior). The number of active listings in the month of February in the Western District, totalled 384 units, up 2.9% from the same month last year indicating a recovery in the inventory compared with the same month in previous years.
Current inventory in the Western District of SGBAR® lies at 4.8 months – a noticeable increase from 2.5 months of inventory available at the same time last year. Months of inventory is the amount of time it would take to sell current active listings at the current rate of sales.
In a recent media release, from which the statistical information in this report has been gathered, SGBAR President Matthew Lidbetter states, “The story in January was about how the Western Region had bucked the trend of falling sales seen across much of the country, but that seems to have only lasted a month, with activity in the Western Region falling sharply in February to join the Eastern District at about 40% below last year’s very strong levels…That said, we’re still in the volatile period immediately following the introduction of the new stress test along with a rate hike in mid-January. Additionally, we are also still in the winter, so it takes a smaller number of sales being shifted around by irregular factors like a policy change to produce a large year over-year change. The picture will become clearer over the next few months as things start to settle down.”
The average price of a home in the Western District Year to Date (YTD) was $472,780, a decrease of 4.6% compared with the same period last in 2018. The dollar volume of residential sales YTD in the Western Region was $81.8 million, down 30.1% from the same period last year.
As the market adjusts, you need someone who keeps a close eye on what is happening in the market today. Contact the Greg Syrota Team, your LOCAL Realtors® for a report on the market value of your home or property in TODAY’s market.