Area Real Estate Sales in July Explode

Sales of Collingwood and area real estate during July exploded, exceeding July sales during the same month in each of the previous two years. Revenue for the month totaled $62.2 million up 45% from the $42.8 million sold in 2008 and 4.6% from the $59.4 million sold in 2007. The fact is, prior to this year, July sales have never reached that magnitude in terms of dollars. These are based on sales reported through the MLS® system of the Georgian Triangle Real Estate Board.
MLS® unit sales for the month totaled 218 properties an increase of 47 sales or 27% compared to July of 2008. Most notable was the sharp increase in single family residential sales in Wasaga Beach with 44 sales reported this July as compared to 25 last year, an increase of 76%.
The year-to-date 12 month average price in our area remains unchanged from this time last year at just over $280,000. The average residential price in Collingwood dipped slightly for the month of July the first time Collingwood prices have decreased in quite some time.
New listing activity thus far this year has slowed significantly over the past couple of years resulting in more balanced market conditions. Year-to-date, the number of new listings that have come onto the market is down 4% whereas expired listings continue to run at an extremely high level up 21% over last year. Many sellers still persist in attempting to attain above market value prices for their properties and it's just not going to happen.
In my next posting I will review the local condo market. In the meantime my 2nd Quarter Georgian Triangle Real Estate Newsletter is available online summarizing the overall market for the first six months of 2009.