Real Estate Market Mini Update

It sure is quiet around real estate offices these days.  Of course, we are all but snowed in and, it’s Christmastime so I’d expect it to be quiet.  On the other hand, I’ve sold more than one house on Christmas Eve in my 20 year career. 

This morning, I thought I’d peek at the December stats for the first 21 days of this month to see how we’re doing. (All statistics from the Georgian Triangle Real Estate Board Multiple Listing Service.) Here’s what I found:

• There have been 35 sales of single family homes and condos in our traditional trading area (Collingwood, Meaford, Clearview, Wasaga Beach, Blue Mountains) in the first 3 weeks of December 08 compared to 58 sales in the same period last year.
• Properties are selling at an average of 93% of their list price compared to 95% last year.
• Of the 24 single family homes sold so far in December, all but 5 were under $300,000 and, all but 4 of the condos sold were under $150,000.  Needless to say, this has impacted the average sale price.

So, some things are selling with the momentum being in the lower priced properties.  There are some very significant price reductions coming through and there are some great buys out there.

Many sellers have opted to take their properties off the market until the economy settles into something more palatable and I hope they don’t all go back on at the same time which would cause a glut of inventory – potentially in the spring months.  On the other hand (there’s always another hand it seems), there is pent-up demand building from buyers.  It’s going to be interesting to watch this cycle.

When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!

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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Friday, December 26th, 2008 at 8:58 am and is filed under Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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