After 3+ years of record-shattering sales, rapidly rising prices and a steadily dropping new listings count, the Georgian Triangle market seems to be settling into a new phase. Since July (i.e. throughout the third quarter) the region’s volume sales, unit sales and average sales prices have flattened, while the new listings count has risen again to where it was this time last year.
These changes have been attributed in part to the slowing Greater Toronto Area market and the Bank Of Canada’s July interest rate hike. However, one main difference between the GTA market and ours is that while the GTA’s slowdown involves a high overall listings count, our count is actually down 16% from one year ago. We are still in a sellers’ market. Demand remains strong.
ONE MAIN DIFFERENCE BETWEEN THE GTA MARKET AND OURS IS THAT IN OUR MARKET THE OVERALL LISTINGS COUNT IS STILL DOWN 16% FROM A YEAR AGO.
OVERVIEW: SECOND-BEST Q3 DOLLAR SALES EVER, BUT DOWN FROM 2016
SEPTEMBER AND Q3 SALES
Monthly sales of $82,336,860 were down 12% from September 2016’s record of $93,236,667. Units of 185 were down 23% from last year’s 240. New listings of 292 were down by 1, with a sales/listings ratio of 63% down 19% from one year ago. Q3 volume of $247,229,444 and units of 552 were down 20% and 31% respectively from 2016’s 310,513,326 and 805 .
2017’s record volume of $876,469,587 is up 8% from 2016’s prior record of $810,363,436. Units of 1933 – the second highest YTD total ever – are down 11% from 2016’s record 2183. New listings of 2950 are down 11% from last year, giving 2017 a solid 66% sales/listings ratio, equal to 2016. Lastly, the average sale price of $453,425 is up 22% from one year ago.
PRICES WAY UP, TOTAL LISTINGS DOWN FROM 2016
Despite September’s sales drop from 2016’s high-water mark, it was still the region’s second-best September ever for dollar sales and third-best for units. With a healthy sales/listings ratio of 63%, total listings down 16% from one year ago, and the average sales price up 22%, the regional demand for listings still exceeds the supply.
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