After much slower sales in both July and August compared to the same months in 2007, real estate sales across the Georgian Triangle rebounded in September. Sales for the month were virtually identical to September 2007 excceding just over $41 million. Of further note was the fact that the sale of higher end properties appears to be bouncing back as there were two sales over $1 million and one over $1.5 million reported throught the local MLS® system in September compared to none in September of last year. At the same time, September did see a slowdown in the number of new listings that came onto the market during the month albeit a modest reduction of just 13 properties or 3% compared to September of last year.
Year-to-date MLS® sales throughout the Georgian Triangle market area now totals $374.8 million down by 14% from the $434.7 million sold in the first 9 months of 2007. Listing activity for the year has increased by 8% year-to-date while expired listings are up 16%. Many sellers are continuing to over-price their properties something for which there is very little tolerance for given current market conditions. With the number of resale listings having increased 8% plus with a good selection of new home/condo developments, buyers have a vast selection of listed properties to choose from and need not nor will they over-pay. Unlike prior years where it has been the sale of higher end properties that has driven our increased sales activity, such has not been the case thus far in 2008. Unit sales for properties valued above $350,000 are down 12% as buyers appear to be taking a wait and see attitude before proceeding with any purchase decisions. In m y next posting I wilolo review the year to date sale across the various area municipalities.
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