Good Wednesday afternoon. While I sit here, under an umbrella, enjoying a lovely summer day, I get to review this pass week's Georgina Real Estate's market activity in our humble town. The weekend brought lots of fireworks and fun family activity as we celebrate Canada's 150th birthday...although I am certain most of our natives (myself included) will say that we are much older than 150 years...regardless, I am proud to be a part of it, and proud to be Canadian.
Let's jump into work for a bit:
The Keswick/Historic Lakeshore area sales, this past week, is up to near 1/2 of the number of sales we experienced prior to our government interference and approximately double the number of what has been selling week to week since mid-May. These sales are seeing 96% of asking and median prices of $530,000 with similar days on the market as seen over the past few weeks. True new listings are down by approximately 40% over previous weeks and the number of terminated listings have risen, however, the median list price of the active listings has stayed steady at $679,900 and similar days on the market week over week. With less available and many terminated listings, we have only 17 weeks of inventory...a big difference from last week at 30 weeks of inventory. Stability is very close.
In the Sutton/Jackson's Point area, the number of sales for the past week remain the same as the previous week, with the list-to-sales ratio pushing past 99% from the previous week to 101% this past week. Interesting to note, though, the median sales price point dropped by $120,000 to $347,500. The number of true new listings stayed steady as the past 3 weeks and with 121 active listings at an average of 34 days on the market, we have 61 weeks of inventory...fairly the same as the previous week. Although the price point has lowered considerably, with the mix of waterfront properties in this area, it is just an indicator that there were no waterfront property sales this week. The Sutton/Jackson's Point area is showing stability already.
With the exception of these sales price point being down in the $420,000's, Pefferlaw/Udora area activity has stayed steady over the past 3 weeks. Stability in this area appears to have been reached, however, with 26 weeks of inventory still to sell, this area is a great great place to buy.
I do suggest that buyers who have been holding off, waiting for the prices to drop and such, may miss it altogether...these numbers are indicating all peaks have past...if the number of new listings continue to slow and termination of listings continue...we may just find another shortage of properties to sell and we all know what happens when there is no inventory.
Have a great week everyone.