Sales in the month of May were well up from April as expected and were up 7.5% compared to May, 2018. At the same time, listing inventory is climbing with 429 new listings in May. When we look at the months of inventory available for sale based on the number of sales, the number is climbing and as of the end of May, sat at 4 months compared to 2.2 months at the end of May in 2017.
Year-to-date (YTD) sales are on par with 2018 but 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 10.6% compared to a year ago. It presently sits at $538,150.
Market conditions are healthy with continued sales however, real estate is all about supply against that 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 May 2019 – Western Region You can find specific date therein for Clearview, Collingwood, Town of the Blue Mountains, Meaford, Grey Highlands and Wasaga Beach.