How's The Market Part 2

To the end of September, MLS® single family home sales have increased 14% whereas area condominium sales are up by just 4%. Vacant land/lot sales have declined by 8% and thjis is no doubt reflective of the fact that with a significant inventory of single family homes losted for sale, Buyer are electing to buy rather than build.
Sales in most price segments of the market are performing consistent with 2011 with the exception of the extreme upper end. MLS®  sales above $1.5 million are 50% of what there were in the first nine months of 2011 with 3 properties soild versus 6 last year. As of this posting there are 89 properties listed for sale over $1 million.  At the current rate of sales, this translates into over 42 months worth of inventory above $1 million.

Through the first nine months of 2012, most area municipalities are showing an increase in unit MLS® sales activity with the only exception being Clearview Township.

  Following a year of double digit sales decreases in 2011, the municipalities of Grey Highlands and Meaford have shown a complete turnaround in 2012 with year-to-date MLS® unit sales through the end of September up 50% and 25% respectively. There is no doubt in my mind that the closure of Talisman resort in the Beaver Valley has had some impact on Grey Highlands’ sales in the Kimberley area. After a lengthy listing process, no immediate buyers have come forth for Talisman and as a result the way has been cleared for a “fire” sale that

will see Grey Highlands recoup $2 million in past due tax revenue.

  MLS® unit sales in the Blue Mountains reflect a 19% gain over 2011 for the first nine months of this year and this has come entirely from single family chalet and home sales. Condominium sales in this municipality are down 18% year-to-date while vacant lot & land sales have decreased 13%. Sales in Wasaga Beach have posted a 16% increase in unit sales year-to-date while sales in Collingwood are up 14%. Unlike the Blue Mountains, condominium sales in Collingwood are essentially equal to 2011 which is quite remarkable given the fact that several new condominium projects are underway and selling quite well which could have a negative impact on the resale market but seemingly hasn’t. One exception where new condo sales have declined is The Shipyards. Sales have stalled and the developer has closed their sales office and placed the remaining vacant lands up for sale.

  Lastly, Clearview Township has seen a slight decrease in sales year-to-date with MLS® unit sales down 5%, 110 sales this year compared to 116 in 2012. This is not a significant drop but at the end of the 1st quarter unit MLS® sales in Clearview were up 28%. It is interesting to note that despite a decrease in sales activity overall, sales of higher priced properties in Clearview have held up exceptionally well in 2012.

  As you can see, sales by area, type and price are up or down to varying degrees around our area. Consequently there is no quick and easy answer to the question "how's the market?"