4th Quarter Real Estate Market Report 2018
The end of the fourth quarter is typically a cooling down period in real estate. The final quarter of 2018 was no exception. With southern Georgian Bay in the icy grip of winter, The cooling of the market occurred in the sales activity which was down 8 percent year over year. The good news is that this slow down did not affect either the average price or the increase in new listings. Indeed, the number of listings has climbed upwards with a 40 point 8 percent increase year over year, This is good news for buyers. The more substantial the inventory, the more choice, not only in property but in price point. The good news for sellers is that the average price of property rose 5 point 5 percent even with the stress test for mortgages and higher interest rates. Indeed, while listings increased substantially in the western district of southern Georgian Bay, the prices on properties remained, not only competitive, but on the rise. More listings mean more choice and more availability for all buyers. Also, with the growth of new developments in the western district, There is a corresponding increase in the re-sale market, as individuals invest in the real estate market. Looking back at the 4th quarter of 2018: The average price of a home sold in the fourth quarter of 2018 in the western area of southern Georgian Bay was $503,522. An increase of 5 point 5% year over year. This is the first time the average price has surpassed the 500,000 dollar mark. Remarkably, the ratio of sales to new listings was 62 point 9 percent…Which emphasizes that properties are indeed selling, regardless of the season. In fact, if the current rate of sales activity continues, the entire inventory would sell in less than 3 point 9 months, On a par with the previous quarter. This news bodes well for sellers, while still remaining encouraging for buyers, As the average market price is stabilizing and there is more inventory available. Depending on the style of property and the price, The market seems to be adjusting to accommodate both sellers and buyers. While the market shows some softening in other areas, southern Georgian Bay is still in an upswing but clearly on a path to better balance for all parties. Investment in property in the southern Georgian Bay area is well worth considering as the area continues to grow and attract new businesses and services while prices continue to be on the rise. 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.