Real estate sales activity in Collingwood, Wasaga Beach and the Blue Mountains didn’t bounce back in June like what happened in Barrie and the GTA. The Southern Georgian Bay Realtors Association recorded a 23.7 per cent drop in sales activity this June compared to June of 2017.
“Sales activity was still running at subdued levels in June, down from the last few years but about on par with the 2008-
2013 period,”Matthew Lidbetter, President of the Southern Georgian Bay Association of Realtors.”
Sales activity is down 30 per cent so far this year in all of Southern Georgian Bay which includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Midland, Penetanguishene, Tay and Tiny, Severn, and Georgian Bay Townships.
March, April and May were historically brutal months for real estate transactions right across Canada, hitting 9-year lows, but a number of local markets saw a significant rebound in June. For example, the number of sales in June went up 25% year-over-year in Barrie.
Fewer Condo & Single Family Home Sales
Matthew Lidbetter, President of the Southern Georgian Bay Association of Realtors says the average price in Southern Georgian Bay is still holding near record highs. Even with that fact, we are seeing more and more list price changes. So far in July there have been 96 list price decreases in the Blue Mountains, Collingwood and Wasaga Beach areas.
Those markets show a 31 per cent drop in single family home sales in June and 26 per cent drop for the year. Fewer condos around Blue Mountain and Collingwood are changing hands as well – with sales down 24 per cent so far in 2018.
Home Sales Drop 27.8 per cent in Midland Area
Home sales in the Western Region numbered 917 units over the first six months of 2018, down 27.8% from the same period in 2017. Home sales in the Eastern Region, encompassing the Towns of Midland and Penetanguishene, the Townships of Tay and Tiny, Severn, and Georgian Bay Townships dropped 20.5 per cent this June over last. Sales for the year in Midland and area down 34.8 per cent from 2017 levels.
Related: FEWER OF US ARE BUYING NEW HOMES
Lidbetter says there were fewer new residential listings this June compared to 2017, down 10.5 per cent. They recorded 622 new residential listings in June – the lowest level of June new supply since 2003. The number of months it would take to sell current inventories at the current rate of sales activity hit 3.8 at the end of June. The long-run average for this time of year is historically around 7.8 months.