Georgian Triangle Month End Real Estate Market Report for November 2009
November has been a mixed bag of news:
• November unit sales in the Georgian Triangle were down 15% from October. This is a normal seasonal decline.
• Unit sales in November ’09 were up sharply (89.6%) compared to November ’08 and, they were roughly on par with November ’07 levels.
• When looking at residential sales only and, in the six main areas of the Georgian Triangle (Collingwood, Clearview, Meaford, Blue Mountain, Grey Highlands and Wasaga Beach), year to-date sales are almost identical to this point in time last year.
• As has been typical all year, the majority of residential sales were in the $150,000 to $250,000 range
• The monthly dollar volume was up a crazy 117% compared to November ’08 (I couldn’t resist checking that) but still down about 6.8% from November ’07 levels.
• There were 12.7% fewer new listings in November with 377 new units listed however, when looking at strictly residential listings in the six key areas, the listing inventory is actually up marginally (7 units total).
• New residential listing inventory for November ’09 versus ’08 declined the most in Bleu Mountain followed by Collingwood suggesting tightening market conditions in these areas compared to last year.
• There are presently 1900 active listings on the Georgian Triangle MLS® system
• The 12 month average sale price in the six key areas (Collingwood, Clearview, Meaford, Blue Mountain, Grey Highlands and Wasaga Beach) of the Georgian Triangle is up in each of those areas over last month.
• The 12 month average residential sale price in the six key areas is currently $298,710.00 with the highest average being in Blue Mountain ($457,064) and the lowest in Clearview ($246,719). Averages in other areas are Collingwood ($255,794), Wasaga Beach ($255,080) and Grey Highlands ($301,179).
• As an aggregate, the average is now back to 2007 levels which was our record year.
At the end of November ’09, the YTD sales-to-listing ratio average in the six key areas remains at 35% which is still in buyers market territory.
The winter months typically show a substantial decline in the number of monthly sales from November through March. With the new HST looming for the second half of 2010, we may have a very strong spring market. Buyers are well advised to get in over the next six months while competition from other buyers will not be as strong. Interest rates are great and the new HST is not in force.
With almost 2000 properties for sale in the area, it is still very important for sellers to ensure that their homes are well-priced and well presented as Buyers are looking for value and opportunity.
All MLS® data and/or statistics obtained from the Georgian Triangle Real Estate Board which generally reflects resale values and statistics. Many of the larger new home developments are not listed in our system.