Good afternoon everyone. I have been Market Watching and tracking the activity in Georgina since the turn-of-events with our Government interference on real estate. Although, I think that most that has happened really has to do with the enormous number a listing that have flooded our market and not our Government poking their noses where they have no business. Georgina is made up of several small towns and their individual activity is very different and as a local gal, it is only right to try and get the research right. All it takes is a few expensive waterfront listings to sell and our numbers can be thrown way off. So that, I have taken into consideration as well. Here are my findings...by area:
Keswick - this week, we are seeing properties being on the market longer with the weekly sales quantities declining further over previous weeks. Sales prices are coming in below asking and the new listings that have come out have dropped by 1/2 from what we have been seeing; with much more re-listed and price changes of the active listings. There are approximately 226 active listings giving us about 38 weeks of inventory...that is still alot of inventory and buyers should really be hopping to get in on this...it is opportune time for buyers as they can now NEGOTIATE and not have to run the gauntlet.
In Sutton/Jackson's Point and Historic Lakeshore Communities - this week is actually showing a slight shortening of the days on the market for active listings and a similar number of sales for the past 3 weeks...so this area is steady. Yes, sale prices are coming in lower than asking. The number of new listings is up from the past 3 weeks and only a few re-listed or price changes amongst the active listings. There are approximately 117 active listings giving us about 39 weeks of inventory to sell in this area...that too is still quite high and buyers for this area should also not wait...also a great time to NEGOTIATE.
In Pefferlaw/Udora communities - like Sutton and Jackson's Point, this week is actually showing a slight shortening of the days on the market for active listings in this area and also a similar number of sales for the past 3 weeks. Here, the sales prices are staying somewhat close to the asking price...which kinda indicates that the active listings are being priced right...Sellers are at market value and buyers are seeing this. The number of new listings out this week are steady with last week's number and only 1 re-listed property and 1 price change. There are 52 active listings in this area giving us about 26 weeks of inventory to sell (46 weeks as of last week), which is down considerably from last week...there have been more listings that have just been removed from the market which has had a big affect on inventory. Steady Eddies in this area, great area for those who just want to buy a house and live/raise a family.
Should Keswick start to experience more terminated listings/properties being removed from the market, we could easily see another shift back to a Seller's market as buyers start to scramble again with the lesser inventory. Prices have done some adjusting but Georgina is still the best buy in any part of the GTA...don't expect all properties to adjust downward, only the over-priced, speculative ones might, if not just come off the market. Waiting and seeing might not be the best option for buyers.
Have a great week everyone.