I just got the stats in for September which is also the end of the 2008 third quarter. I’ve got to say, I was a bit surprised at what the numbers showed.
The total number of all sales in the area were up marginally from August levels and only slightly below September 2007 levels with 8 fewer sales for the month. Considering the fairly large drops year over year in May through August, this was welcome news indeed. The dollar value of these sales in the month of September was up 3% over September 2007 however, the total dollar value YTD is down 13%.
The total number of listings YTD is up by 8% compared to the end of the third quarter, 2007 with 2085 active listings in the MLS® system at the end of the month.
When we look at residential sales only, the number of units sold YTD is down somewhat from 2007 however, it should be remembered that 2007 was a record year. I went back a bit further to see what YTD sales volumes were in the first three quarters and here is what I found:
YTD Residential Sales as at September 30th (Collingwood, Clearview, Blue Mountains, Wasaga Beach, Meaford and Grey Highlands)
* 2008 944 units
* 2007 1096 units
* 2006 960 units
* 2005 1022 units
Here is how average residential sale prices compare for the Georgian Triangle:
* 2008 $280,867
* 2007 $278,838
* 2006 $266,545
* 2005 $243,655
The 12 month average residential sale price is higher than a year ago in every community of the Georgian Triangle except for Collingwood where the average is down from last years $307,000 to the current level of about $299,000.
The largest volume of residential sales occurred in the $150,000 to $250,000 price band with 75 units sold last month, followed by 28 sales from $250-350,000. There were 10 sales over the $500,000 mark in September (compared to 6 in September 07) and, three sales over the million dollar mark (compared to nil in September 07).
The sales-to-listing ratio is currently 32.29% which is virtually unchanged from last month but down from 40.82 last year. This is certainly Buyer’s market territory.
So, why did September perform better than expected? It’s hard to say but some think it had to do with the pending elimination of the 40 year, zero down mortgages. Personally, I doubt that and think it was more a case of buyers recognizing opportunity with more anxious sellers.
The information contained herein is based in whole or in part on information supplied by the Georgian Triangle Real Estate Board for the period of Januaury, 2005 to September 30, 2008.
Related Posts:
August Real Estate Stats Are In For Collingwood and Area
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Good to see robust market in your neck of the woods! Hilary
Hi Hilary and thanks for dropping by! Let’s hope these numbers hold up.
How are things in your Oakville market?
[...] our local Georgian Triangle market held it’s own in September, my sense is that the number of sales and average prices will be WAY down for October. It’s [...]