First Quarter Real Estate Market Report – Southern Georgian Bay
1st Quarter Real Estate Market Report 2017
SIZZLING! There is no other way to describe the real estate market in Southern Georgian Bay. The spring market is upon us with many prospective BUYERS but few LISTINGS. The NUMBER of properties available continues to drop year over year, creating a much smaller inventory, and multiple offers on properties are now common-place.
With the scarcity of listings, the properties on the market are sought after and are sold in record time, increasingly, often for thousands over the list price. Looking back at the 1st quarter of 2017: Both sale prices and the number of properties sold continue on an upward trajectory. The number of LISTINGS year-over-year was down 21%. However, to counteract this, the number of units SOLD was up 18.6%. The average sale price increased 18.5% from $370,840 dollars to $439,356 dollars meaning that there was an average gain by home owners of over $68,515 dollars in home equity year over year. 2017’s Year To Date dollar sales volume is up an astounding 40.6%. Year To Date property sales are also up 18.6%. This SELLERS’ MARKET is showing NO signs of abating. We have Buyers, but we NEED LISTINGS. Other than the price range up to $199,999 dollars, where there were few properties available, each segment of the market showed an increase in the number of residential properties sold year over year. Indeed, the segment of $500,000 dollars to $799,999 dollars increased in the number of sales by 84.6%!
Properties priced at over 1 Million dollars showed the greatest increase in the number of properties SOLD year over year. This is reflective of the strong market which continues to attract ALL buyers. Investment in real estate in the Southern Georgian Bay Area is well worth considering as prices are climbing at a rapid rate.