Year-to-date sales in the Western Region were up 14 per cent from 2015.
With just one month left to go this year we can say with certainty that 2016 will be an all-time record year for sales in both the Eastern and Western regions covered by the Southern Georgian Bay Association of REALTORS®.
The average price of all homes sold in November was $396,053, up 32.4 per cent from November 2015. On a year-to-date basis the average price of home sales in the first 11 months of 2016 was $342,283, rising 7.2 per cent.
The average price of homes sold in the Western Region was $444,283 in November. This was an increase of 40.1 per cent from a year earlier. On a year-to-date basis the average price of home sales in the first 11 months of 2016 was $371,579, rising 10.9 per cent.
The number of new residential listings in November 2016 was 245 units, down 11.6 per cent from a year earlier to the lowest November in 13 years. The recent downturn in new supply stems from the Western District.
Overall supply remains at the lowest levels in more than a decade. There were 586 active residential listings on the Association’s MLS® System at the end of November 2016, down 48.3 per cent from year-ago levels.
There were just 2.5 months of inventory at the end of November, down from 4.8 months recorded at the end of November 2015 and well below the long-run average 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 value of all residential transactions in November was $91.1 million. This was the highest November figure on record.
Sales of all types of properties numbered 295 units in November, an increase of 7.3 per cent compared to the same month in 2015. The total value of all properties sold in November 2016 was $113.4 million, up 38.4 per cent from November 2015.
Local Market: November 2016 compared to November 2015
- Wasaga Beach sales increased by 21%
- Grey Highlands sales increased by 30%
- Clearview sales increased by 25%
- The Blue Mountains sales increased by 16%
- Meaford sales increased by 14%
- Collingwood sales increased by 6%
- The Western region’s single- family homes sales for 2016 are up 24% from 2015, while condo sales are up 18% and vacant land sales are up 43%.