1st Quarter Area Real Estate Sales Outpace National Trend

Although sales softened in March, real estate sales throughout the Georgian Triangle continued to show strength during the first quarter of the year, compared to a general slowdown across the country. Sales reported through the Georgian Triangle Real Estate Board's MLS® system reflected a unit sales increase for residential properties of 4.6% to 387 units sold. By comparison, seasonally adjusted Canadian sales nationally in units were down 7.1% in the first quarter. Sales revenue for the first three months of the year in our area was $104.3 million versus $93.4 million in 2007 an 11.7% increase.
Listing activity for the first quarter saw 1,271 area properties come onto the market as compared to 1,253 during the same period last year. Expired listings however jumped 22.1% over the first quarter of 2007 totaling 177 properties. This statistic reflects that many properties are still being priced unrealistically above their true "market value" resulting in the property not selling and the listing expiring.
As in the prior year, we are continuing to see considerable strength at the upper end of the market with sales above $350,000 up 29.8% year-to-date. In other upper-end segments of the market, sales for the first quarter are as follows:

1. Sales over $350,000 up 28.6% to 27 units
2. $500,000 to $799,999 up 53.8% to 20 units
3. $800,000 to $999,999 down 66.7% to 1 unit
4. Sales over $1 million up 20% to 6 units

These sales of higher priced properties are continuing to exert upward pressure on the "average" residential price in our area which now stands at $290,362.
For further details on first quarter sales, listing and pricing activity throughout our area, my quarterly newsletter will be available shortly on my website at http://www.propertycollingwood.com/ or email me for your advance copy now.