July 2015 was another busy market month here in Southern Georgian Bay, with 253 sales in our area, having a value in excess of $86 Million; the second highest month in number of residential sales and dollar volume this year. (Last month was the only 2015 month with higher numbers with sales of 275 and dollar volume of $89+ Million.) Again this month, the number of new listings fell substantially creating very tight market conditions in most areas. There were once again 52 condo sales in July 2015 in our area (same number as in June 2015), tied for the highest number we have seen in any month this year, with a dollar volume in excess of $13 Million.
The year-to-date sales to listing ratio sits at 61% which is firmly in sellers’ market territory. Having said that, properties that are priced over market value are languishing on the market as buyers today are sophisticated and not willing to buy at any price, if it doesn’t make good financial sense.
With the exception of the under $199,999 price range, sales are up in all price bands reported, so this has been a great summer for sellers so far but challenging for buyers who have to act quickly for the best choices. The risk is that buyers are so frustrated, they over-pay and it’s an important reminder to exercise caution and not get carried away.
For some sellers, many think they can play the market and ask any price but this is simply not true. It is a wonderful time to sell – but – you still need to price to the market and present your home in the best light and condition. It’s tricky for both buyers and sellers to understand and navigate this type of market and it’s more important than ever to have sound, professional advice. I’m always here to help.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg