Yet Another Record Month (With Fewer Homes For Sale) So much for the lazy, hazy days of summer . . . While July did not reach May’s and June’s stratospheric sales numbers or their rush of multiple and overpriced offers, it still set a few new records for the month. Dollar sales of $99,372,400 and unit sales of 266 topped last July’s previous records by 15% and 6% respectively. And with new listings down 16% from a year ago, this July also saw a record high 81% sales/listings ratio. So it’s very likely that sales would’ve been even higher if more homes had been on the market. Turning to the year-to-date numbers, Graph 1 shows that 2016’s volume sales of $599,462,510 are up 28% from 2015’s prior YTD record, and up 57% from 2014. As Graph 2 shows, 2016’s unit sales of 1,645 are up 18% from last year’s record of 1392, and up 37% from 2014’s 1200.
Additionally, the Georgian Triangle’s year-to-date, average sale price of $364,415 is up 8% from one year ago. All these numbers – again, particularly July’s super high sales/listings ratio of 81% – indicate that the regional demand for listings still greatly exceeds the supply.
The Market In Detail
As Table 1 and Graph 3 show (see next page), 2016’s YTD numbers translate more or less directly into all the main market metrics. Sales are up from 2015 in all price ranges except the $1M-$1.499M range, where they are down by 1. While the high-volume range of $100K-$299K is up 2% over last year, the entire $300K+ range is up 36%, with particularly big gains of 61%, 36% and 88% in the $500K-$799K, $800K-$999K and $1.5M+ ranges respectively. Even sales in the under $100K price range – which have generally decreased with each passing year due to fewer and fewer homes being listed at that price – are currently up 17% from one year ago. On the flipside, expired listings are way down for July (36%) and YTD (35%) from 2015. That and the high sales/listing ratios clearly show that homes are selling, not sitting on the market.
Looking now at Graphs 4 and 5 we see that July’s dollar and unit sales, although up 15% and 6% respectively from last year’s previous July records, have tailed off slightly from May’s and June’s huge numbers. That said, to put 2016’s increases in perspective, bear in mind that every month of 2015 was a regional record breaker in terms of both volume and unit sales.
A Few More Numbers To Fill In The Picture July’s metrics also translate directly into most of the details of residential home sales by community (Graph 6) and sales by property type (Graph 7).
2016’s gains are mainly due to high-volume Wasaga Beach’s 26% increase and Clearview’s continuing fantastic market performance, now up 43%. Grey Highlands, The Blue Mts. and Collingwood are also up 22%, 15% and 10% respectively, while Meaford is currently down 3%. Lastly, the entire region’s single-family homes sales for 2016 are up 27% from 2015, while condo sales are up 16% and vacant land sales are up 35%.
Last month, after hitting the milestone of $500,000,000 in sales for the first half of 2016, we pondered whether the year’s record pace can be sustained to give us our first $1,000,000,000 year. Well, with July’s record sales at just under $100,000,000 (perhaps not quite hitting the nine-figure mark due to two or three serious buyers deciding to go golfing, biking, swimming or sailboarding in all this wonderful summer weather we’ve been enjoying) – so far, so good . . . Just for the record, July was the region’s 28 th consecutive record sales month. And so the question still remains: how long can this combination of record-breaking sales, rising prices, and relatively fewer homes on the market continue? Unfortunately, the crystal ball is not as clear as some of these glorious sunny skies we’ve seen. The bottom line, once again, is that it’s an unprecedented time to be a home seller – and also a good time to be a buyer – here in the beautiful Georgian Triangle. So if you’ve considered selling your home your chances of getting a great price in a timely manner are excellent.