3rd Quarter Real Estate Market Report 2019
The 3rd quarter brought a summer of spectacular sun and warm temperatures with the real estate market surpassing expectations with strong sales. The number of new listings was up from September of 2018 with a 14.1% increase year over year. The ratio of sales to new listing was up 5.4% which illustrated a market that was very active. All areas of the Real Estate market in the Western Region of Southern Georgian Bay Area were steady and showed proven sustainability in equity. While the temperatures were dropping and the leaves began to fall, the only statistics in real estate continued to go up. The good new for sellers is that the average price of property rose 13.7%. 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 new-builds. As this area is a welcoming destination for all demographics of residents, the market for all property types continues to grow accordingly. This will continue to be the case as more new developments are approved. Another factor is the trend to building on vacant lots in town, renovating older homes and infilling in areas which appeals to most buyers. Looking back at the 3rd quarter of 2019: The average price of a home sold in the 3rd quarter of 2019 in the western area of Southern Georgian Bay was $ 542,488 dollars. An increase of 13.7% year over year. Remarkably, the ratio of sales to new listings was 61.1%…Which is surprising considering the increase in listings. This statistic further illustrates that the market remains very strong. In fact, if the current rate of sales activity continues, the entire inventory would sell in less than 3.6 months, which is slightly less than a year ago in September, 2018. For only the 4th time in history, the sales activity in the Western District for September topped 201 units. This is a whopping 33.1% increase from September 2018. Also record –breaking was the total dollar value of all residential transactions for the month of September eor all of Southern Georgian Bay which was $ 167.6 million up 25.2% from September of 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). Even as inventory remains pretty low. The Southern Georgian Bay Real Estate market is still in an upswing. With proposals being suggested for changes in mortgage rules, one way or the other, depending on the political will, the dynamics of the market could be affected and only time will tell. Investment in property in the Southern Georgian Bay Area is well worth considering as prices continue to be on the rise. The area continues to grow and attract new businesses, increased services and 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.