Georgian Triangle Real Estate Market Update February 2018
Residential sales recorded through the Ontario Collective MLS® system for the Southern Georgian Bay region came in well below levels recorded a year earlier in February 2018.
Home sales numbered 123 units in February 2018, down 43.8% from a very strong February in 2017. Year-to-date home sales numbered 260 units, down 27.4% from this time last year.
The Southern Georgian Bay region comprises two distinctive markets. Home sales in the Western Region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford and Grey Highlands, fell 46.5% on a year-over-year basis to 76 units in February 2018. Year-to-date home sales in the Western Region numbered 173 units, down 26.7% from this time last year.
The average price of all homes sold in February was $442,544, up 4.8% from February 2017. The year-to-date average price was $460,585, up 5.7% from this time last year.
The average price of homes sold in the Western Region was $468,291 in February 2018. This was a decrease of 1.3% from a year earlier. The year-to-date average price in the Western Region was $472,780, down 4.6% from this time last year.
The number of new residential listings in February 2018 was 276 units, up 7% from a year earlier. This was still the second lowest-ever reading for new supply in the month February.
Overall supply remains near record lows. There were just 591 active residential listings in the region at the end of February 2018, up just 3.5% from year-ago levels.
There were just 4.8 months of inventory at the end of February, above the 2.6 months recorded at the end of February 2017 but still well below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The value of all residential transactions in February was $54.4 million, down 41.2% from the record-breaking levels seen in February 2017.
Sales of all types of properties numbered 145 units in February, a decline of 45.3% compared to the same month in 2017. The total value of all properties sold in February 2018 was $60.9 million, down 41.1% from February 2017.