Best Start for Real Estate in Decade
Friday, February 19, 2016 12:38 PM by
Southern Georgian Bay realtors enjoyed their best January since 2002.
Yet another record month for re-sale homes in the Georgian Bay area.
The Southern Georgian Bay Association of Realtors says 154 properties changed hands in January -- the busiest start to any year since 2002.
Home sales in the Western Region which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Municipality of Meaford and Grey Highlands were unchanged on a year-over-year basis at 96 units in January 2016.
Broker with Royal LePage Locations North, Andres Paara says this was tied with last year as the third best January on record.
58 of those properties were in the Eastern area from Elmvale through to Midland which is a jump of nearly 49 per cent from the level in 2015 and the busiest January in the area for more than ten years.
Overall supply remains at a decade low.
There were 859 active residential listings on the Association’s MLS® System at the end of January 2016, down 37.7 per cent from year-ago levels.
That represents 5.6 months of inventory on hand, well below the 10.2 months recorded at the end of January 2015.
Paara says the lack of available homes for sale is turning it into a sellers market.
In fact he says there have been several cases of multiple offers on homes especially in the Collingwood area.
The average price in the Western area is $323,000 which is down 3.8 per cent.
However, prices are up 10 per cent in the Town of the Blue Mountains and Wasaga Beach.
Prices are up 5.1 per cent in Collingwood and sales jumped 40 per cent.