2nd Quarter Real Estate Market Report 2017
SIMMERING! The real estate market in Southern Georgian Bay continues to be a SELLERS’ MARKET. Indeed, while multiple offers have abated, the PRICES on properties are still on the rise. The NUMBER of properties available also continues to drop year over year. Looking back at the 2nd quarter of 2017: The number of LISTINGS year-over-year was down 15.6%. The number of units SOLD was also down 18%. HOWEVER, the average sale price increased substantially by 25.6% from $362,736 dollars to $455,593 dollars meaning that there was an average gain by home owners of over $92,857 dollars in home equity year over year. 2017's year to date dollar sales volume is up an astounding 26.9%. The ratio of sales to properties listed was up 11.34%. We have Buyers, but we NEED LISTINGS. While the number of sales below $350,000 showed a drop, this was NOT the case for sales above $350,000, which showed increases in the number of units sold in ALL price segments. In fact, the smallest increase in the number of sales was an astounding 35% in the $350,000 to $500,000 dollar range. Listings above $500,000 dollars sold at a blistering pace, We saw an increase of 56.5% in the number of sales in the $500,000 to $800,000 range and a huge increase of 215% in the $1 million dollar to $2 million dollar range, in comparison to last year.
In addition, properties are selling more quickly with the average number of days on the market being 28.8% less for the month of June in 2017 than we saw in June 2016. 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. 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.