3rd Quarter Real Estate Market Report 2017
The leaves are falling and the weather is getting cooler! However, the real estate market in Southern Georgian Bay shows little signs of cooling. Indeed, while listings are fewer, the prices of properties remain strong and stable month to month but, year over year, they have increased by 22%. The number of properties available also continues to drop year over year which favours a sellers’ market. Looking back at the 3rd quarter of 2017: The number of listings year-over-year was down 11%. The number of units sold was also down 11%. However, the average sale price increased substantially by 22% from $371,215 dollars at the end of September 2016 to $453,425 dollars at the end of September 2017; meaning that there was an average gain by home owners of over $82,210 dollars in home equity year over year. 2017's year to date dollar sales volume is up an astounding 22%. The ratio of sales to properties listed to date in 2017 was statistically identical to the same time period in 2016. We have Buyers, but we need listings. While the number of sales below $350,000 dollars showed a drop, this was not the case for sales above $350,000 dollars which showed increases in the number of units sold in all price segments. The greatest increases in sales were in the segments over $1 million dollars In addition, properties are selling more quickly with the average number of days on the market being less than just 3 months ago in the very HOT market of June. 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. Investment in real estate in the Southern Georgian Bay Area is well worth considering as prices continue to climb.