We’re now halfway through 2018 giving us a good basis to compare how market conditions have and are changing compared to a year ago. The data below specifically looks at the six key areas we serve including Blue Mountain, Clearview, Collingwood, Grey Highlands, Meaford and Wasaga Beach.
- Across the board, there were fewer new listings YTD yet the “inventory” of homes for sale is up across the board except for condos in Blue Mountain. This is due to fewer properties being sold and, properties are remaining on the market for longer.
- The number of properties sold YTD is down across the board
- Sale prices are relatively unchanged from a year ago with variations in different areas. In town subdivision style homes have suffered some price declines which I believe are directly related to the new mortgage stress test rules.
- There were 59 fewer sales of single-family homes this June compared to last year; a drop of 31%
- Year-to-date, there have been 272 fewer single-family homes trade hands than at this point last year; a drop of 26.8%
- 11 fewer condos sold last month compared to June 2017; a drop of 2.4%
- There were 67 fewer condos sold YTD; a drop of 24% over last year.
Here is a breakdown by area. There are a couple of outliers from the trends, most notably in condos in the Town of Blue Mountains.
It’s clear that the market is returning to more balanced conditions than we saw in the last couple of years. While there are downside risks that could come as a result of NAFTA negotiations or other external impacts, generally the market is healthy and more balanced than we’ve seen in over two years.