Georgian Triangle Month End Real Estate Market Report: September 2009
Hmm. September MLS® stats are in for our market area and it bears out what economists have been saying for the last few weeks and that is, that the recovery from the recession is a soft one. According to the data, we’ve lost some of the steam we saw over the summer months.
• Unit sales in the Georgian Triangle were up 8% over September ’08 but down 12.9% from both July and August levels.
• The majority of sales were in the $150,000 to $250,000 range
• The monthly dollar volume was up 11% over September ’08 which is due in part to the 18 sales last month over the $500,000 mark
• The number of new listings was up 7% over September ’08 and up 18.6% over August ’09. This is quite a substantial rise and I would suspect it’s a reflection of sellers who have been waiting for improved market conditions before attempting to sell.
• There are presently 2180 active listings on the Georgian Triangle MLS® system
• The 12 month average sale price was down in each of our key areas (Collingwood, Clearview, Meaford, Blue Mountain, Grey Highlands and Wasaga Beach) over August except in Grey Highlands where prices were up slightly. Wasaga Beach was pretty well on par.
• The 12 month average sale price in these same markets were also down comparing year-to-date sale prices ending September ‘09 versus September ‘08 except for Meaford which showed a positive gain.
The YTD sales-to-listing ratio sits below 40% in all local markets suggesting buyers conditions however, Clearview and Blue Mountain showed more balanced conditions in September with ratio’s in the mid-40’s.
I think buyer confidence is quite strong and the flurry of sales activity we saw over the summer was a “catching up” based on pent-up demand. As that clears, we are returning to more balanced conditions. The winter months typically show a substantial decline in the number of monthly sales from October 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.
Note: All data was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board