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Friday, March 18, 2016

Hot Real Estate Market Continues

Collingwood | by Kevin Bernard  

Southern Georgian Bay Realtors report another big sales increase in February.

There is no slowdown in home sales in the Southern Georgian Bay area.

Figures released by the Realtors Association show 227 homes were sold in February, that is up 47 per cent from a year ago.

The President of the Southern Georgian Bay Association of Realtors, Kevin Woolham, says there were 159 home sales in the Western Region -- up 39 per cent from a year ago.

It was best February on record for the area that includes Meaford, Grey Highlands, The Blue Mountains and Collingwood.

There were 68 homes sold in the Eastern part of the district which includes Midland and Penetanguishene.

That total is up 70 per cent in a year, and the best February in more than a decade.

The average price for homes sold in the district is up.

Woolham says last year, the 2015 average for the whole area was $349,000 -- and so far because of activity this year it is up to $361,000.

In the town of the Blue Mountains, the average price went from $551,000 last year to $630,000 in February of this year.

On a year-to-date basis home sales totalled 381 units over the first two months of the year, rising 31.8 per cent from the same period in 2015.

This was not only a record for this period but also marked the first time there had been more than 350 sales in the first two months of any year.

Meanwhile, overall supply remains at the lowest levels in more than a decade.

There were 837 active residential listings on the Association’s MLS® System at the end of February 2016, down 30.4 per cent from year-ago levels.

There were 3.7 months of inventory at the end of February, down from the 7.8 months recorded at the end of February 2015 and well below the long-run average for this time of year.

 

 

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