As has been the case all year, strong sales activity in the upper price ranges is what is driving MLS dollar volume despite the reduction in MLS® unit sales. Year-to-date MLS® unit sales of 2,135 properties reflects a 12% decrease from one year ago when 2,437 MLS sales had been reported. At the same time, MLS® dollar volume for the year is up 8% and totals $976 million, driven by strong sales over $700,000.
Demand for area properties continues to exceed supply which is at least partly to blame for the year-to-date reduction in MLS® unit sales. The number of new MLS® listings that came to market in October totalled 251 properties, down 10% from the number of new listings that came to market in October of 2016. Year-to-date MLS® listing activity is down 11% from one year ago with 3,195 properties coming to market this year versus 3,592 in the first ten months of 2016. This market imbalance still favours sellers although not to the degree of what we saw in the first four or five months of the year when multiple offers and sale prices well over listed prices were very much the order of the day.
MLS® single family home sales which total 1,459 properties through the end of October are down almost 30% this year. These do not however include the sale of new homes sold by builders/developers that do not go through the local MLS® system. The municipality of the Blue Mountains continues to be the only area municipality that has seen an increase in single family home sales year-to-date up a scant 1.6% from last year with 185 sales compared to 182 sales this time last year. Single family home sales in other area municipalities round out as follows: Clearview -26%, Collingwood -14%, Grey Highlands -7%, Municipality of Meaford -28%, Wasaga Beach -24%. Meanwhile, year-to-date MLS condo sales total 461 units a decrease 24 units or 5% from this time last year.
As covered in prior posts, 2017 has seen a resurgence of vacant land sales throughout the area. Through the end of October there have been 322 MLS® vacant land sales which is an increase of 44 sales or 16% from one year ago. With the absence of resale home listings on the MLS® system and with an abundance of vacant lots available, many buyers have chosen to build especially in close proximity to Blue Mountain where lots in the 3rd phase of the Nipissing Ridge development are sold out.
Lastly it is again worth noting the significant number of sales that have taken place in the higher price segments of our market. MLS® sales over $700,000 total 287 units, up 72% from this time last year and sales between $1 and $2 million have doubled with 99 sales reported year-to-date compared to 49 last year.
In conclusion, with year-to-date MLS® sales to the end of October sitting at $976 million, we are once again going to break the $1 billion barrier this year and if the level of MLS® listed inventory was higher than it is, the results would be even higher. When you factor in the sales of newly built properties being done directly by builder and developers, it is very clear that the demand for Southern Georgian bay area properties is higher than it has ever been and this will put us on solid footing for continued growth in our market as we head into 2018.
In order to assist my clients and and followers with meaningful market information regarding their respective area, I now offer detailed quarterly reports by municipality. 3rd Quarter Monthly Market Reports by Area and now available to download on the "newsletter" page of my website www.rickcrouch.realtor or simply click on the following link: