1st Quarter Real Estate Market Report 2018
Spring was late in arriving this year and the icy temperatures were also reflected in the continued cooling of the number of listings on the market to the end of March. In fact, there was very little choice available due to low inventory. While property listings continued to fall to historic lows, the average sale price of property in Southern Georgian Bay was far from frozen and actually continued to heat up. Indeed, while listings were far fewer, the prices of properties remained, not only competitive, but on the rise. Looking back at the 1st quarter of 2018: The average price of property sold in March increased by a record 16.4% year over year. As well, the year-to-date average price was up 10.3%. Unfortunately for buyers though, the number of properties available continued to decline year over year which favored a seller’ market as evidenced by the ratio of sales to listings. The ratio of sales to properties listed to date in 2018 was down from the record-breaking numbers of one year ago. However, it was statistically identical to the same time period in 2015 and much higher than in years prior to 2015. Indeed, 76.6 percent of properties listed in March in our specific area were sold. Listings for Buyers continued to be limited. Properties are on the market for less time and for competitive prices. The number of listings continues to edge downward and year-over-year was down 7.6 percent. However, the average sale price of $496,271 increased by 12.1% from March of 2017 and 2018's year to date dollar sales volume is up 6.5% over the same time period last year. In fact, if the current rate of sales activity continues, the entire inventory would sell in less than 2.8 months in the Western Region of Southern Georgian Bay. We have buyers, but we NEED LISTINGS. This is reflective of the strong market which continues to attract ALL buyers. While the market shows some softening in other areas, Southern Georgian Bay is still in an upswing. Will the market soften with new mortgage rules, higher interest rates and steeper prices? The second quarter of 2018 will continue to tell the tale. Do you have a property to sell or are you interested in buying? For top-notch service and value, give Clairwood Real Estate a call at 705-445-7085.