Southern Georgian Bay home sales still going strong in August
Home sales numbered 297 units in August 2015, rising 5.3 per cent from the same month in 2014. This was the best month of August since 2009 and also stood above both the five and 10-year averages for the month.
Year-to-date home sales were running 11.4 per cent ahead of the first eight months of 2014.
The Southern Georgian Bay Association of REALTORS® comprises two distinctive markets. Home sales in the Western District which includes Wasaga Beach, Collingwood, Clearview Township, The Blue Mountains, Municipality of Meaford and Grey Highlands were up 4.8 per cent on a year-over-year basis to 195 units. This was the third highest level of any August on record. On a year-to-date basis, home sales were running at the highest level on record, up 7.1 per cent from last year.
“Sales in the Western District came in again at near-record levels in August, while sales in the Eastern District were average or better depending on how much history you’re comparing against,” said Kevin Woolham, President of the Southern Georgian Bay Association of REALTORS®. “Listings are in increasingly short supply in the Western District, which is seeing another year of strong price growth as a result. In the Eastern district overall supply is also down, although not to the same extent, and prices have not been climbing as quickly there. It’s especially important to bear that in mind when looking at the August data, because a few rather expensive properties changed hands in the Eastern District which really boosted the average sale price.”
The number of new residential listings in August 2015 was 448 units, falling 20.6 per cent from a year earlier to the lowest August level in more than a decade.
Overall supply remains at a decade low. There were 1,607 active residential listings on the Association’s MLS® System at the end of August 2015, down 43.1 per cent from year-ago levels.
There were 5.4 months of inventory at the end of August, down from 10 months at the end of August 2014 and 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 August was $105.4 million, up 22.2 per cent from a year earlier. This was the second best level of any month on record, and marked the first August where volumes had surpassed $100 million.
Sales of all types of properties numbered 328 units in August, an increase of 6.8 per cent compared to the same month in 2014. The total value of all properties sold in August 2015 was $115.3 million, up 18.5 per cent from last August.
Encompassing several communities along the shores of southern Georgian Bay, approximately 1½ 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 close to 500 REALTORS® registered with its member offices. The geographical area served by the Association includes the Towns of Midland and Penetanguishene, the surrounding communities of Elmvale, Port McNicoll, Victoria Harbour, Coldwater, Port Severn, Honey Harbour and Tiny, Tay, Springwater, Oro-Medonte, Severn and Georgian Bay Townships, Wasaga Beach, Collingwood, Clearview Township, The Blue Mountains, Municipality of Meaford and Grey Highlands.
Southern Georgian Bay Association of REALTORS®