Despite a warm up in the temperatures, April results did a bit of an about face from the previous month. Sales in the month of April were up from March as expected however, were down 3% from April 2018 while the number of new listings was up substantially with 355 new listings in April compared to 255 in the same month a year ago. The number of active listings at the end of the month was up to 666 compared to 488 a year ago and the supply suggest we have an inventory of about 4.2 months..
While year-to-date (YTD) sales are down marginally, the supply is quickly climbing as the numbers are showing a return to pre-2016 levels when the market frenzy took over. This is a good thing as more balanced conditions allow both buyers and sellers a chance to pause. The average sale price has continued to climb in our region and in fact, is up 16.4% compared to a year ago. It presently sits at $544,390.
Real estate is all about supply and demand. The numbers suggest that demand is softening somewhat while supply is increasing as sellers rush to capture the tail end of the strong market conditions we’ve seen over the last three years. Sellers are well advised to price and present their properties for sale in a competitive manner. Buyers also need to ensure they are not over-paying for properties if in fact we see a slowing in the run up of prices.
Our district encompasses diverse communities with substantially different market forces. To understand your areas of interest, you really need to look in more details which you can find in this month’s report.
To download a full copy broken down into the six key areas we serve, see Western District (April 2019). You can find specific date therein for Clearview, Collingwood, Town of the Blue Mountains, Meaford, Grey Highlands and Wasaga Beach.