MLS® sales reported by the Southern Georgian Bay Associationof REALTORS® during May reflected an 11% increase in unit sales for the month versus May 2013 while dollar volume for the month was up 14%. While stronger sales through both April and May have helped to lessen the impact of the weak sales activity we experienced January through March, MLS® unit sales are still trailing behind 2013 particularly for single family homes.
Through the end of May, year-to-date MLS® unit sales total 785 properties down 5% from the 830 sales reported in 2013. MLS® single family home sales reflect a 9% decrease from last year with 501 sales in 2014 versus 552 last year. Conversely condominium sales are up 14% with 159 MLS® sales this year compared to 139 for the first 5 months of 2014. Despite the fact that total MLS® unit sales are down this year, stronger sales at the upper end market has resulted in higher dollar revenue. Year-to-date dollar volume of $248.3 million is 2% higher than in 2013 when sales totaled $243.3 million.
With the exception of Grey Highlands which is up 24% and the Municipality of Meaford up 9%, all other area municipalities are experiencing a reduction in single family home sales this year. The results are as follows: Clearview -29%, Collingwood -21%, Blue Mountains -7% and Wasaga Beach -6%. Some of this sales shortfall is due to availability with certain housing types in very short supply. Bungalows and other homes in the $250,000 to $300,000 are very much in demand and supply is limited. Meanwhile, year-to-date MLS® listings which total 2,870 units reflects a 3% decrease in the number of new listings that came to market in 2013. Expired MLS® listings are also down, 11% from one year ago. These two factors have served to reduce the amount of housing inventory on the market leading to more balanced market conditions with a greater emphasis for successfully a property driven by the price.
With our overall economic conditions remaining in relatively good shape and the continuation of low interest rates, I forecast that we will continue to see some strong sales activity through the balance of 2014. Whether it is simply to attract a buyer or to satisfy mortgage requirements, competitively pricing a property is of paramount important in securing a sale for your property.
If you are thinking of selling, contact me for a no obligation evaluation of you property and let me put my Market Value Appraiser skills to work for you.