2nd Quarter Real Estate Market Report 2019
The end of the second quarter was unseasonably cool and rainy, weather-wise, but the Real Estate market was already showing signs of a warming trend. The number of new listings was up from June of 2018 with a 14% increase year over year. The ratio of sale to new listings was up 1.5% which illustrated a market that was very active, with an increase in listings.
The real estate market in the Western Region of Southern Georgian Bay Area continues to show strength in all areas. In fact, residential listings for the whole region were at a 4 year high for new supply in June. Listings increased a whopping 14% year over year in the Western District of Southern Georgian Bay. The good news for sellers is that the average price of property rose 9.4%. Also, with inventory growth due to ongoing developments in the Western District, there is a corresponding increase in the re-sale market, as individuals invest in the new-build real estate market. As this area is a welcoming destination for all demographics of residents, the market for all property types continues to grow accordingly.
Looking back at the 2nd quarter of 2019: The average price of a home sold in the second quarter of 2019 in the Western Area of Southern Georgian Bay was $536,717. An increase of 9.4% year over year. Remarkably, the ratio of sales to new listings ratio was 54.2% which is surprising … considering the increase in listings, which illustrates that the market is very strong.
In fact, if the current rate of sales activity continues, the entire inventory would sell in less than 4.3 months, which is comparable to a year ago in June, 2018. The real estate market continues with good news for sellers, while still showing a wider variety for buyers (in both product and price range), ss the increase in inventory, at a 4 year high, is a good sign for buyers.
The Southern Georgian Bay Real Estate market is still in an upswing but is clearly on a path to a better balance for both sellers and buyers. Investment in property in the Southern Georgian Bay Area is well worth considering as prices continue to be on the rise and the area continues to grow and attract new businesses, increased services with many choices for all lifestyles.
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.