Traditionally, the arrival of spring brings with it a revitalized level of activity in the real estate market and this year somewhat more so. After a period of several months where we have seen a decline in sales stemming from the economic slowdown, the past couple of weeks have brought with it a flurry of new listings along with some higher-end property sales which is the segment of our market that has been hardest hit.

MLS® sales throughout the Georgian Triangle for the first quarter of 2009 total $56.7 million a decrease of 47% over the first three months of 2008. Unit sales for the quarter total 238 individual sales as compared to 394 in the same period last year, a decrease of 40%. As you will note on the accompanying graph, sales since the start of the year are trending upward indicating that the local real estate market may be on the rebound. Single family home sales for the first quarter total 144 properties, a drop of 44% from the first quarter of last year. At the same time, area condominium sales have performed better dropping 25%. During the first quarter, condo sales represented 20% of all residential listings sold whereas 15% is more the norm.

Prices in the area continue to remain relatively stable. Average prices in both Collingwood and Wasaga Beach have actually increased slightly year-over-year. In other municipalities such as the Blue Mountains, average prices have diminished largely the result of the fact that higher-end home sales have been extremely weak in recent months. For the first three months of this year, there have only been 14 sales over $500,000 as compared to 27 last year. Most notably there have only been 1 sale between $700,000 and $1 million this year compared to 6 last year and year-to-date sales over $1 million total just 1 as compared to 6 in 2008.

For a more in-depth look at year-to-date sales and listing activity please see my 1st quarter 2009 Georgian Triangle Real Estate News letter.