Southern Georgian Bay 2017 Year End Real Estate Market Report
Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® came in below levels recorded a year earlier in December 2017.
Home sales numbered 128 units in December 2017, down 12.9% from December 2016 but on par with the 10-year average for the month.
Annual home sales for 2017 numbered 3,333 units. While this was down 16.2% from the record set in 2016, it was the second highest annual level on record.
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 8.8% on a year-over-year basis to 83 units in December 2017. Annual home sales in the Western Region numbered 2,081 units, down 13.6% from all of 2016.
Inventories have also declined further and are now at all-time lows. This should serve to support prices in 2018 even with demand having returned to more normal levels.
The average price of homes sold in the Western Region was $467,051 in December 2017. This was an increase of 16.8% from a year earlier. The average annual price in the Western Region in 2017 was $482,315, up 22.2% from last year.
The first half of 2017, January to June, continued the record setting sales numbers month after month. This resulted in multiple and over-asking price offers, however with fewer number of listings.
Q3 sales did slow considerably from 2016, with volume down 20% and unit sales down 31%, however Q3-2017 volume sales of $247,299,444 were the second best ever.
Q4 sales were down 6% from Q3-2116 while new listings were down 16%.