September Real Estate Sales Show Renewed Strength

Following significantly slower sales activity in both July and August, the month of September brought with it a renewed interest in Georgian Triangle area real estate. Sales during the month of September totaled $43.7 million, up 5% from the $41.7 million sold in September 2007. Most notably was the fact that higher-end property sales were much stronger in September which has not been the case for much of 2008. For example, there were 2 sales reported over $1 million in September as compared to none in that price bracket during the same month last year.
Year-to-date sales reported through the MLS® system of the Georgian Triangle Real Estate Board now total $376.9 million, down 13% from the $434.7 million sold in the first nine months of 2007. In terms of units, residential sales are down 15% with 1,460 properties having been sold this year as compared to 1,710 in the same period last year. The number of new listings that have come onto the market this year has increased by 8% with 4,745 new listings being reported thereby giving buyers plenty of selection. At the same time, expired listings total 1,880 which represents a 16% increased in expired over last year. Many sellers are still over-pricing their properties with the result being that they linger on the market, which only serves to sell other comparable properties which are priced realistically to current market conditions.

The 12 month average residential price for our market stands at just over $280,000 up slightly from the $278,838 average of 1 year ago. Prices throughout are market are remaining relatively stable with only those properties that were over-priced to start with decreasing to any significant degree once the sellers come to realize where they need to be price-wise in order to attract buyers.
Sales activity for the remaining 3 months of 2008 is predicted to remain stable albeit at a slower pace than in prior years. The fast approaching ski season with no doubt stimulate the sale of recreational homes and condos primarily in Collingwood and Town of the Blue Mountains. For more detailed information on current market conditions throughout the area see my 3rd quarter Georgian Triangle Real Estate Newsletter.