Year to Date- May 2018
The May statistics for the Georgian Triangle Real Estate Board are in and we are happy to report that overall the market remains strong. Total sales volume across the region is down compared to the previous year but so too is the number of new listings leaving the net reduction in sales at less than what the 25% decrease suggests. Furthermore, we must keep in mind that the 2018 stats are being compared to that of 2017 which shattered all previous records for sales. In short, the market is still very healthy and HOT but compared to 2017 things have certainly softened in some aspects.
Due to the continued shortage in the supply of homes for sale, prices have remained steady showing a modest increase of 1% across are region year to date. Volume sales are down across all price points and property types including single family homes, condos, and vacant land. The market overall continues to favour sellers with the sales to listings ratio still hovering around 58%. Expired listings are up significantly YTD with an increase of 66% and days on market are also trending up slightly. We predict that the second half of 2018 may bring with it a slight softening of prices overall particularly if we see any increase in the number of homes being offered for sale.
Demographics remain in our favour with the region attracting so many people over the age of 50 cashing out of their GTA homes and moving up to our area for the lifestyle attractions. We expect 2018 to finish strong and for it to be another banner year...just not quite a crazy as 2017! To download the full report click here.