What the heck just happened? Did everyone suddenly decide September was a good month to buy property here?
September surprised many of us by being as busy as the spring market with 203 sales for the month compared to 158 for the same month last year. That is an increase of 28.5%. In addition, the dollar value of those sales was 34.8% more than one year ago.
The number of new listings was up a tiny bit over last year however, over-all, they are down year to date and surely did not keep pace with the increased demand. As a result, we hit the highest sales-to-listing ratio (the number of sales compared to number of new listings) that we have seen since December 2009.
The most active price band in September was for properties priced between $250,000 and $300,000. There were approximately 140 single family home sales last month ranging in price from $85,000 to $1.3 million, 16 sales of vacant land and 36 condo sales from $90,000 to $498,000.
YEAR TO DATE
September 30th marked the end of the 3rd quarter. The number of sales since January year-to-date is up 8.4% compared to the previous year and the dollar volume is up YTD by 9.8%.
The total number of new listings is actually down by 2.8% meaning increased demand and lower supply which has led to an increase in the 12 month average sale prices climbing in each of the six key areas we serve. This chart provides a summary of each area.
YTD, the most active price band has been from $200-$250,000 with 18% of all sales in that category. In 2012, the same price band represented 20% of all sales so we are seeing a shift upward that is statistically significant. In September alone, the most active range was $250,000 to $300,000 and I suspect that trend will continue now for some time. In the upper tier of the market, 10.2% of all residential sales were valued at over $500,000 compared to 9.5% of all sales at this time in 2012.
YTD, there have been about 1100 single family sales with an average sale price of $331,732, 286 condo sales with an average sale price of $223,250 and, 120 sales of vacant land with an average price of $133,681.
There are currently approximately 2300 properties for sale in the Georgian Triangle area.
It’s only October 3rd however, this week is also showing strong sales and based on the number of enquiries and showings we are getting, it looks like October will be a great month. October usually is a high sales volume month here so it actually has potential to reach a frenzy in certain sectors of the market. As a buyer, look for properties that have been sitting for awhile as they may present an excellent opportunity if the price is right.
All statistics collected from the Georgian Triangle Association of REALTORS® MLS® system.
It’s always a pleasure to meet new people and to assist them in meeting their real estate goals. If you would like to schedule a buyer or seller consultation with me, please feel free to email me or call at 705-446-1762.