JUNE Market Report 📌
Much to the delight of many prospective Buyers, new listings totaled 408 at the end of June 2019 vs 358 in June 2018 boasting a 14.0% increase in new listings across the Western Region year over year and marking a five year high for new supply in June. Active listings were up 33.4% over last June with 886 properties available vs 664 June 2018, providing some relief to the very tight market conditions experienced over the past 2.5 years. With more listings to choose from, sales activity rebounded 5.1 % year over year. On a year-to-date basis, home sales in the Western Region numbered 929 units over the first six months of the year, rising 1.2% from the same period in 2018.
Likely due in part to increased sales activity in higher priced properties and with the ongoing demand driving prices upward, the average sale price for a residential property across the Western Region increased a substantial 9.4% year over year to $536,718. Within the Western Region the average sale price increased year over year in all areas with the exception of the Town of the Blue Mountains, which showed a 10.9% decrease in average sale price. The Sales to New Listings Ratio for June 2019, was 45.3, down from 49.2 last June, slipping out of the strong Sellers market that we have experienced over the past few years, however still within balanced market conditions. Months of Inventory was 4.8 at the end of June 2019, up from 3.8 months reported at the end of June 2018. Both Buyers and Sellers seem to be responding well to more balanced conditions.
Open House alert 🚨 11am - 1pm.
12 Silver Glen
Located in Collingwood’s west end, this 3-bed 3-bath condo backs onto green space 🌱 Come see this four season property in its beautiful resort style setting. 🔆
Beautiful country home 🔆
4 bed 4 bath just 15 minutes from Thornbury, Beaver Valley Ski Club and Blue Mountain Village !
See link in bio 📍
Beautiful country home west of Ravenna - coming to MLS tomorrow!
May Market Report 📍
The month of May saw a hefty 19.5% increase in new listings across the
Western Region year over year, with 429 new listings coming to market
May 2019 vs 359 May 2018 giving some patient Buyers the chance to finally jump into the market!
However, even with the increase of new listings coming on to the market, the number of new listings remained at near historic lows. And while active listings were up 32.3% over last May, with 766 properties available in May vs 579 in May 2018 active listings also remained at near historic lows. So, it’s not surprising that with more listings available, sales activity was up 7.6% year over year with 213 sales reported in May 2019 vs 198 sales in May 2018.
However, the average sale price for a residential property across the Western Region fell 2.8% year over year to $522,593, likely due in part to more choice and reduced competition as a potential consequence. The Sales to New Listings Ratio for May 2019, was 49.7, down from 55.2 last May, but still well within balanced market conditions.
Thanks to the mortgage stress test and other government measures implemented two years ago to cool the frenzied market, Sellers and Buyers in the Western Region are adapting to the new normal which means more balanced conditions, although affordability still remains a challenge for many.