4th Quarter Real Estate Market Report 2017
As the weather cooled and we enjoyed a typical Canadian winter, real estate remained hot. Property listings continued to fall to historic lows. However, the real estate market in Southern Georgian Bay showed little signs of cooling, not to mention there was little evidence of frozen prices. Indeed, while listings were fewer, the prices on properties remained, not only competitive, but on the rise.
Looking back at the 4th quarter of 2017: While the average price of property INCREASED by 16.8 percent year over year. The number of properties available continued to decline year over year which favored a sellers’market as evidenced by the ratio of sales to listings. The ratio of sales to properties listed to date in 2017 was statistically identical to the same time period in 2016 and was a remarkable 93.8 percent. In other words, 93.8 percent of properties listed in December were sold. Listing 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 14.5 percent. The number of properties SOLD to the end of 2017 was up 8%. However, the average sale price of $467,051 dollars increased substantially by 16.8%. 2017's year to date dollar sales volume is up an astounding 6.5%. In fact, if the current rate of sales activity continues, the entire inventory would sell in less than 4 months. 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 first quarter of 2018 will tell the tale — Stay tuned. Investment in real estate in the Southern Georgian Bay Area is well worth considering as prices continue to climb. 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.