The local real estate market followed national trends by posting the lowest number of monthly sales in over a decade. The 46 sales reported in the Georgian Triangle last month represents a drop of 59% over January, 2008 and is lower than December 2008’s 53 sales.
One interesting and slightly surprising trend is that, for the first time since March, 2008, the number of new listings for the month was lower than in the previous year. For the fourth month in a row, there was a tiny uptick in consumer confidence being reported and, the North American governments have both passed stimulus budgets this month. Could it be that potential sellers are hanging on expecting some improvements this spring?
The following information was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board. The first number is for January 2009 with January 2008 results in brackets:
Total Number of Sales in all areas reported: 46 (111)
Total # of Listings in all areas reported: 437 (454 )
# Active Listings as of January 31: 1714
Single Family Residential Only
(Data is limited to Collingwood, Clearview, Grey Highlands, Meaford, Blue Mountains and Wasaga Beach areas only):
# Single Family Residential Sales: 25 (69 )
Average Sale Price: $290,483 ($312,779 )
Sales-to-Listings Ratio: 12% (33% )
# Condo Sales: 8 (19 )
# Farms Sold: 1
# Vacant Land Sold: 0
# Commercial Sold: 0
In a nutshell: It’s a dreadful time to sell but it’s a great time to buy. There is limited competition, lots of choice, a buyers market and most of all – low interest rates!