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South Georgian Bay November Real Estate Market Report

Posted by Sherry Rioux on December 3, 2008

It won’t be a surprise to anyone to hear that the month of November was a dismal one in the real estate market.

While local MLS® listings for the month were only up slightly over 2007, sales were down exactly half over November of last year.  There were 82 sales in total of which 62 were residential sales.  Of those 62, only 53 were within our traditional Georgian Triangle Board area.  These included:

Collingwood  12 sales with an average sale price of $206,417
Wasaga Beach  16 sales with an average sale price of $225,719
Meaford    9 sales with an average sale price of $278,111
Clearview    7 sales with an average sale price of $209,071
Blue Mountains    5 sales with an average sale price of $360,400
Grey Highlands   4 sales with an average sale price of $274,403

Most of the sales were priced between $150,000 and $250,000.  Averages have to be taken lightly since, with these low volumes, one high or low-end sale can quickly affect the averages.  The total dollar volume was down by 60% for the month compared to one year ago.

In the higher-end, sales were off again quite dramatically with no sales for the month over $800,000 and just 3 sales over $500,000.

Year-to-date, the total number of sales is down by just over 20% while the total number of listings is up by 9.5%.  The sales to listings ratio for the month was just 22.47% and is at about 30% YTD meaning that it is a strong buyers market in all areas now as less than a third of properties are selling at the present time.

There are presently 2065 active listings in our Georgian Triangle Real Estate Board MLS® system.  Sellers need to really sharpen their pencils and based on the large number of price reductions coming through each day, I’d say that is happening in most cases.  For buyers, there are some great deals to be had.

The other story here is that with this low number of sales, we are building up more pent-up demand than ever.  There are many people wanting to buy who are nervous about the market and are waiting for things to change.  Still others are waiting for their personal portfolios to improve and others, waiting to relocate into the area but having homes to sell elsewhere.  When the market recovers, and you bet it will, things may climb quicker than some expect.

All MLS® data and/or statistics obtained from the Georgian Triangle Real Estate Board.

Related Posts:

Signs of the Real Estate Market Bottom
Was Real Estate A Good Investment Ten Years Ago?

When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!

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