Area Real Estate Sales Decline Sharply in October

After regaining strength in September following two months of slower sales in July and August, area real estate sales declined significantly in October with unit sales declining 48% from the same month last year. Sales revenue for the month totaled $26 million, a 52% reduction from the $54 million worth of real estate sold in October 2007. These results are based on the MLS® statistics of the Georgian Triangle Real Estate Board.
As they say, one month does not make a year and the fact remains that year-to-date sales to the end of October are in excess of $402 million which represents a lot of real estate. Both unit and dollar sales down 18% from the same period last year. In conversation with other real estate board Presidents across the Province many are reporting sales decreases that are more significant with YTD declines of 20% to 30%. This is further evidence that due largely to the demographic make-up of real estate buyers in this area, the Georgian Triangle is somewhat insulated from factors affecting market conditions elsewhere.
Out of all local municipalities, residential sales in Collingwood have held up well in 2008 with 223 residential properties having sold this year versus 244 in 2007, a decrease of 8.6%. Keep in mind that the sale of new homes at sites around town such as Georgian Meadows, Creekside and others are not included in these MLS® sales results, so overall Collingwood real estate is continuing to sell well given the job losses of recent years and current economic uncertainties.
In my next posting I will report on the year-to-date sales activity in other area municipalities.