Real Estate Market Report- 3rd Quarter
2017 3rd Quarter Market Report
2017 started of with a real bang and a frenzy of multiple offers on properties. The 3rd quarter has seen a slight calming in activity however it is still the 2nd best sales volume 3rd quarter on record (best 3rd quarter ever was 2016). Part of the reason for the slightly lower sales volume (# of homes sold) is that the number of listings has continued to decline and are down by 11% year over year. We remain in a solid Seller’s market with the average prices in our region being up by a whopping 22% year to date.
There continues to be Buyer’s searching for properties to suit their lifestyle and being reasonably quick to move forward with an offer when they find a property that fits for the bill for them.
Interestingly, even though the overall unit sales show a decrease in numbers, it is only the sales categories below $350k that showed a decrease in the number sold year over year. This is much to do with the average price increase and the lack of properties coming onto the market in the lower end of the pricing.
All categories above $350k are ahead of last year. Especially the $1 to $2 million-dollar range that is up by 102% over last year! (there have been over 110 properties over $1 million-dollars sell in 2017!)
On the community front, the overall number of properties that have Sold is down in all municipalities with exception to The Blue Mountains (up by 3 properties), the average sale price is higher by an incredible range of 16.7 – 30.9% across our region.
The Blue Mountains average sale price is up by 30% year over year and now sits at $830k! Understanding that over half of the $1 million dollar plus sales for our whole region were in the Blue Mountains which is driving up the average sale price.
With mortgage rates remaining low, the listing inventory levels continuing at low levels and with Buyer’s continuing to want to be in our four seasons region we anticipate to our market to remain strong. It will be interesting to see whether a similar surge in Buying activity will occur in the early stages of 2018 as it did in 2017. Even if the unit sales continue to be below record rates, the average price is not only holding but is on the rise.