Collingwood-area home sales rebound in July
Residential sales recorded through the MLS system for the Southern Georgian Bay region totalled 313 units in July 2018. This was little changed from July 2017, rising by just one sale. That said, it was still the first year-over-year increase since March 2017.
On a year-to-date basis, home sales totalled 1,784 units over the first seven months of the year. This was down 26.5 per cent from the same period in 2017.
The Southern Georgian Bay region comprises two distinctive markets.
Home sales in the western region, which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, the municipality of Meaford, and Grey Highlands, numbered 159 units in July 2018. This was down 4.2 per cent (seven sales) from July 2017.
On a year-to-date basis, home sales in the western region numbered 1,078 units over the first seven months of the year. This was down 24.9 per cent from the same period in 2017.
Meanwhile, home sales in the eastern region, encompassing the towns of Midland and Penetanguishene, the townships of Tay and Tiny, Severn, and Georgian Bay townships, numbered 154 units in July 2018. This was up 5.5 per cent (eight sales) from July 2017.
On a year-to-date basis, home sales in the eastern region numbered 706 units over the first seven months of the year. This was down 28.8 per cent from the same period in 2017.
“The standout in the July housing data for the region was sales in the eastern district, which jumped 32 per cent on a seasonally adjusted basis compared to June,” said Matthew Lidbetter, president of the Southern Georgian Bay Association of REALTORS®. “After a slow start to 2018, it was the first real sign that things may be starting to turn the corner. It comes alongside improving sales activity in a number of other markets in and around the GTA.”
There were 514 new residential listings in July 2018. This was little changed on a year-over-year basis, down just 0.2 per cent or just one listing. Still, it was the lowest supply of new listings to hit the market in July since 2002.
Overall supply remains near record lows. Active residential listings numbered 1,190 units at the end of July. This was down 2.9 per cent from the end of July 2017.
Months of inventory numbered 3.8 at the end of July 2018, little changed from the 3.9 months recorded at the end of July 2017 and well below the long-run average of 8.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all residential transactions in July 2018 was $141.5 million, up 6.7 per cent from this time in 2017.
Sales of all property types numbered 350 units in July 2018, down 1.4 per cent (five sales) from July 2017. The total value of all properties sold was $151.2 million, up 4.5 per cent from July 2017.