South Georgian Bay October Real Estate Market Report

Opening up the MLS® stats report for October was kind of like going to the dentist.  You don’t want to do it, you know it’s going to hurt but alas, you’ve got to it.  So I did.  Ouch. 

I can’t say it was a surprise to see that there were only 106 sales in the Georgian Triangle MLS® board area last month compared to 200 in October 2007.  Most of those sales were priced between $150,000 to $250,000 as has been the trend all year.

For the first full ten months, the total number of sales are down 17.7% which is still much better than provincial average but a substantial decline nonetheless.  The number of new listings continues to climb with 545 listed last month and a total of 2117 active listings in effect at month’s end.  The number of property listings that expired was also up by 37% last month, 18% YTD.

As mentioned before, we really like to watch the sales-to-listings ratio.  Anything below is 40% is considered a buyers market.  Well, I dare say, it landed at just under 20% last month and it sits at 30.86 YTD compared to 41.22 last year at this time.

Interestingly, the 12 month average sale price is almost identical to what it was at this point last year and, other than in Grey Highlands, the YTD average prices are still up in every other community of the Georgian Triangle.

So far, this is what was expected.  Potential buyers are out there but are nervous.  Sellers are waking up to the reality of the market and we should start seeing conservative price reductions in short order.  This is the natural cycle of a market correction.  I just wish it didn’t bite quite so much!

All MLS® data and/or statistics obtained from the Georgian Triangle Real Estate Board.

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 Wednesday, November 5th, 2008 at 3:09 pm and is filed under Buying Real Estate, Georgian Triangle - South Georgian Bay, Market Conditions, Selling Real Estate. 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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  1. […] Signs of the Real Estate Market Bottom  South Georgian Bay Real Estate Market Report (for October 2008) […]

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