Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® came in above year-ago levels in May 2015.
Home sales numbered 311 units in May, edging up one per cent from the same month in 2014 and setting a new record for the month.
Year-to-date home sales were running 16.3 per cent ahead of the first five months of 2014, marking the second best start to any year on record.
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 edged down 2.4 per cent on a year-over-year basis to 203 units. This was the second best month of May on record. On a year-to-date basis, home sales were running at the highest level on record, up 11.8 per cent from last year.
The number of new residential listings in May 2015 was 682 units, falling 25.1 per cent from a year earlier.
Overall supply continues running below levels from most of the past decade. There were 1,676 active residential listings on the Association’s MLS® System at the end of May 2015, down 26.3 per cent from year-ago levels.
There were 5.4 months of inventory at the end of May, down from 7.4 months at the end of May 2014 and the lowest number of months of inventory since August 2005. This was also 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 $100.3 million, up 8.8 per cent from a year earlier. This was the second highest dollar volume on record for any month and marks just the second time volumes have risen above $100 million.
Sales of all types of properties numbered 360 units in May, an increase of 3.7 per cent compared to the same month in 2014. The total value of all properties sold in May 2015 was $112.3 million, up 9.2 per cent from last May.
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.