Southern Georgian Bay Real Estate Market March 2016
Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® came in above year-ago levels in March 2016.Home sales numbered 256 units in March 2016, rising 4.5 per cent from a year earlier.
The Southern Georgian Bay Association of REALTORS® comprises two distinctive markets. Home sales in the Western Region which includes Wasaga Beach, Springwater, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and Grey Highlands edged down one sale on a year-over-year basis to 169 units in March 2016. This was the second best March on record, standing just one sale shy of the record set last year.
Home sales in the Eastern Region encompassing the Towns of Midland and Penetanguishene, and the Townships of Georgian Bay, Severn, Oro-Medonte, Tay and Tiny totaled 87 units in March. This was an increase of 16 per cent from March 2015 and stood well above historical averages for the month.
On a year-to-date basis home sales totalled 637 units over the first quarter of the year, rising 19.3 per cent from the same period in 2015. This was not only a record for this period but also marked the first time there had been more than 600 sales in the first quarter of any year.
Year-to-date sales in the Western Region were up 11.6 per cent, marking a new record and the first time sales over the first quarter surpassed the 400 mark. Activity recorded a gain of 38.3 per cent in the Eastern Region.
“2016 is shaping up to be even stronger than 2015 for residential property sales in the region, and that goes for both the Eastern and Western Districts,” said Kevin Woolham, President of the Southern Georgian Bay Association of REALTORS®. “Supply continues to fall, and if that trend continues it may end up being the supply side that starts to rein in sales. That said, it’s also possible that some sellers are waiting to list closer to the peak spring and summer months so we’ll be paying close attention to the new listings side of things in the months ahead.”
The number of new residential listings in March 2016 was 492 units, down 8.4 per cent from a year earlier to the lowest level in more than a decade. The majority of the decline stems from a shortage of new supply in the Western Region.
Overall supply remains at the lowest levels in more than a decade. There were 941 active residential listings on the Association’s MLS® System at the end of March 2016, down 29.5 per cent from year-ago levels.
There were 3.7 months of inventory at the end of March, down from the 5.4 months recorded at the end of March 2015 and 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 March was $83.7 million, rising four per cent from a year earlier. This was a record for the month.
Sales of all types of properties numbered 289 units in March, an increase of 6.6 per cent compared to the same month in 2015. The total value of all properties sold in March 2016 was $96.9 million, up 6.8 per cent from March 2015.
Encompassing several communities along the shores of southern Georgian Bay, approximately 11⁄2 to 2 hours from the Greater Toronto Area, the area is one of Canada’s premier four season recreational playgrounds.
The Southern Georgian Bay Association of REALTORS® represents over 500 REALTORS® registered with its member offices. The geographical area served by the Association includes the Towns of Midland and Penetanguishene, the Townships of Georgian Bay, Severn, Oro-Medonte, Tay, Tiny and Springwater, Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and Grey Highlands.