Area Real Estate Sales Soften in March

  After posting strong sales in January and February, real estate activity reported through the MLS® system of the Georgian Triangle Real Estate Board (GTREB) softened in March with 155 properties changing hands during the month versus 199 in March 2010, a decrease of 22%. Sales volume in March also declined with a total of $48.5 million worth of MLS® listed properties selling as compared to $56.7 million in the same month last year.

  Year-to-date MLS® sales total 348 individual properties down 10% from the 387 sales reported in the 1st quarter of 2010. As in prior months, sales at the upper end of the market continue to play a dominant role with respect to sales revenue. Unit sales in most price ranges below $500,000 have declined in 2011 while sales activity above $500,000 remains very strong. To the end of March there have been 10 MLS® sales reported over $1 million whereas last year there were just 2 in the same time period.
  The number of new listings coming onto the market has slowed this year which is resulting in more balanced market conditions that favour neither seller nor buyer. Through the end of March a total of 1,497 new MLS® listings have come onto the market as compared to 1,527 new listings in the first 3 months of 2010, a decrease of 2%. The number of expired listings is also on the decline with 692 listings having expired this year versus 719 in 2010, a drop of 4%.
For a complete summary of market activity 1st quarter 2011 versus 2010, please see the latest edition of my Georgian Triangle Real Estate News.  To discuss your particular real estate situation or goals, please feel free to Contact Me without obligation.