Good Wednesday morning. In reviewing this past week's Georgina Real Estate market activity in our humble town, I am starting to see a bit of change. I did hear that the Bank of Canada increased interest rates, however, as they have been so extremely low, at this point, this should not affect borrowers to strongly. The media, well, that's a different animal all together. The posting of doom and gloom is ridiculous...I guess negativity is better news than anything positive.
Let's jump in::
The Keswick/Historic Lakeshore area sales, this past week, is the lowest number of sales we experienced prior to our government interference. These sales are still holding 96% of asking, however, the median prices are up about 15% from the previous week with less than 1/2 the days on the market as seen over the past few weeks. True new listings are similar to the previous week and the number of terminated listings have also stayed very similar to the previous week. The median list price of the active listings is still staying steady at $677,000 and similar days on the market week over week. There is approximately 206 active listings however, the number of weeks of inventory is showing extremely high this past week, due to the very low # of sales. However, it can be seen that market stabilizing is even closer.
In the Sutton/Jackson's Point area, the number of sales for the past week remain very similar as the previous 2 weeks, however, the list-to-sales ratio dropping to 94% from the previous week of 101%. Interesting to note, though, the median sales price point has also increased substantially, like the Keswick area, by a considerable amount...from the mid-300k's to the late 500k's. Which really aligns more with the median value in the Keswick area. This is a good sign. The number of true new listings dropped by 1/2 from the past 3 weeks and with 120 active listings at an average of 35 days on the market, we are now down to 40 weeks of inventory...less than the previous week. The Sutton/Jackson's Point area is showing to be closer to stability as well.
In the Pefferlaw/Udora area activity is showing to be extremely similar to that in the Sutton/Jackson's Point area with the # of sales remaining very similar to the previous few weeks and the median price point being up considerably from the early 400k's to the early 500's. Again, very much in historical line with price point from the Keswick and Sutton areas. Stability in this area appears to have been reached, however, because we are only seeing 1 or 2 sales per week (2 weeks ago, 2 sales, and this past week 1 sale), the weeks of inventory can jump from 26 weeks to 55 weeks...that is obscured and very little weight is being placed on this. The median prices coming in line and the new listings slowing, we should see the existing inventory getting more attention as buyer confidence continues to build.
I will reiterate my words of last week: 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 another great week everyone.