Southern Georgian Bay Real Estate Market Update May 2017
Southern Georgian Bay home sales remain at near-record levels in May
Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® came in a little below record year-ago levels in May 2017. That said, it was still the second best May on record for the region, standing well above all other years in history.
Home sales numbered 413 units in May 2017, down 2.4% from a year earlier. Year-to-date home sales numbered 1,397 units, also down just 2.4% from the record set last year.
The Southern Georgian Bay Association of REALTORS® comprises two distinctive markets. Home sales in the Western Region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and part of Grey Highlands edged down 3% on a year-over-year basis to 262 units in May 2017. Year-to-date home sales in the Western Region numbered 901 units, down 3.8% from this time last year.
Meanwhile, home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny and part of Georgian Bay Township, totaled 151 units in May. This stood just 1.3% below may 2016. Year-to-date home sales in the Eastern Region numbered 496 units, sitting just one sale above the first five months of last year.
“Despite some small year-over-year differences, the bigger picture is that sales so far in 2017 are looking a lot like 2016, and that is true in both the Eastern and Western Districts of the Association’s coverage area,” said Stan Reljic, President of the Southern Georgian Bay Association of REALTORS®. “With all those sales happening in a market where inventories have been slashed in half compared to a year ago, prices are understandably way up from last spring.”
The average price of all homes sold in May was $443,294 up 32.9% from May 2016. The year-to-date average price was $435,493, up 30.4% from the same time last year.
The average price of homes sold in the Western Region was $478,064 in May 2017. This was an increase of 31.4% from a year earlier. The year-to-date average price in the Western Region was $474,165, up 30.5% from the same time last year.
The average price for Eastern Region home sales was $382,963 in May 2017. This was up 36.7% from May 2016. The year-to-date average price for the Eastern Region was $365,244, up 31% from the same time last year.
The number of new residential listings in May 2017 was 646 units, edging down 0.5% from a year earlier.
Overall supply stands near record lows. There were just 620 active residential listings on the Association’s MLS® System at the end of May 2017, down 41.9% from year-ago levels.
There were just 1.5 months of inventory at the end of May, down from 2.5 months recorded at the end of May 2016 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 May was a record $183.1 million, rising 29.8% per cent from May 2016.
Sales of all types of properties numbered 500 units in May, up 3.1% compared to the same month in 2016. The total value of all properties sold in May 2017 was $211.1 million, up 30.8% from May 2016.