Area Real Estate Sales Up 22% In June

 The seemingly insatiable demand for and brisk pace of area real estate sales shows no signing of slowing down even as we head into the summer vacation period.

  MLS® sales in June as reported by the Southern Georgian Bay Association of REALTORS reflected a 22% increase over June 2014 with 275 properties sold during the month representing $89.1 million dollars in total value.  Year-to-date MLS® unit sales for the first six months of 2015 are 20% higher than last year with 1,145 sales reported compared to 952 during the same period in 2014.  Dollar volume for the year now stands at $384.5 million which represents a 27% increase year-over-year.

  Conversely to the sharp increase in sales activity that we have seen thus far in 2015 is not being mirrored when it comes to listings and available inventory.  The number of new MLS® listings coming onto the market in 2015 is running well below last year. For the first six months of 2015 there have been 2,518 new listings input to the local MLS® system compared to 2,917 new listings in 2014, a reduction of almost 14%.  Similarly, the number of expired listings has decreased 27% year-to-date stemming from (a) increased sales activity, (b) fewer listings coming to market.  Some sellers whose price expectations were overly aggressive had have elected to take their properties off the market which in turn has reduced the number of listings overall.

  MLS® single family home sales through the end of June are up 20% with 763 sales year-to-date versus 633 last year.  The demand for area condominiums has also continued remain strong with year-to-date sales of 227 units representing a 16% increase over 2014.  After a couple of years of weak demand, MLS® vacant land sales have rebounded quite strongly in 2015 with 89 sales through the end of June reflecting a 41% increase from the first six months of last year.

MLS® Single family home sales in most area municipalities are running well ahead of 2014 with one exception, Grey Highlands where sales are down 12%.  Sales in Wasaga Beach reflect the largest increase year-to-date up 37% from 2014 followed by the Blue Mountains up 16%, Clearview up 15%, Collingwood sales are up 13% while the Municipality of Meaford shows a 9% increase year-to-date.

  Properties in the $350,000 to $$500,00 range are in the greatest demand with year-to-date sales up 46% over last year.  Sales between $800,000 and $1 million are also very strong with 26 sales in 2015 reflecting a 44% increase from 2014 while sales between $200,000 and $350,000 are up 18%.  We have in fact seen multiple offers on some properties with a home in Collingwood selling for $295,00 versus a $259,000 list price while a chalet near Georgian Peaks sold for almost $60,000 over the $799,000 asking price.

  As we head into the second half of 2015, the biggest threat to a slowdown in our market may very well be the lack of available inventory to meet demand, only time will tell if that proves to be the case.