We were talking in our sales meeting this week about the rapid change in the marketplace over the last two weeks. FWe all have more active buyers and many of us were involved in competing offer situations. Is it spring? Is it that people are tired or bored with the idea of a recession? Most of my own clients are saying it is because they feel it is a good time to buy and, that we are now at the bottom of the market. Time will tell.
Statistics certainly bear out that March showed renewed strength in our local market compared to the first two months of the year.
In the Georgian Triangle reporting area, there were 38% more MLS® sales in March over February.
Overall, year-to-date sales are still well below last years levels although most of that occurred in January (down 57%) and February (down 42%). The number of sales in March was just 19% below March 2008.
As expected, the number of new listings climbed in March as the snow disappeared. There were 460 new listings in the area; 11% more than were listed in March ’08.
The following information was obtained from the MLS® statistics provided by the Georgian Triangle Real Estate Board. The first number is for March 2009 with January and February 2009 results in brackets:
Total Number of Sales in all areas reported: 108 (78, 46)
Total # of New Listings in all areas reported: 460 (382, 437)
# Active Listings as of end of February: 1897
Single Family Residential Only
(Data is limited to Collingwood, Clearview, Grey Highlands, Meaford, Blue Mountains and Wasaga Beach areas only):
# Single Family Residential Sales: 57 (51, 25)
12 month average Sale Price: $284,993 ($285,069, $290,483)
YTD Sales-to-Listings Ratio: 18.7% (18%,12%)
# Condo Sales: 20 (12, 8 )
# Farms Sold: 1, (0, 1)
# Vacant Land Sold: 14 (5, 0)
# Commercial Sold: 5 (5, 0)
Points To Note:
• The number of new listings YTD is up 7% over this time last year
• The number of new listings in March is up 11% compared to the same month last year
• There were 38% more properties sold in March compared to February.
• The most active price range continues to be from $150,000 – $249,900
• There were 20 sales in the $250,000 – $350,000 price band
• There were 3 sales over $500,000 compared to 6 in February and 4 in January
According to the Teranet – National Bank House Price Index, sale prices in the Toronto market (the closest one to us that is monitored), were down 6.1% as of the end of January 2009 compared to the peak in August, 2008.
A personal observation: We have had a number of multiple offer situations in the last two weeks and many conditional sales are pending. I suspect that sales in April may be stronger than anticipated.