Sales edge back, but still strong in February.
Residential sales recorded through the MLS® System of the Georgian Triangle Association of REALTORS® posted a year-over-year decline in 2013, although it was still one of the better months of February on record.
Home sales numbered 108 units in February 2013, declining nine per cent on a year-over-year basis.
On a year to date basis, activity is running just one per cent ahead of the first two months of 2012.
“February’s numbers are interesting from the standpoint of what to make of them, because while housing demand in the region was not quite as strong in February as it had been in January or in February last year, we’re still looking at some pretty solid levels of activity compared to most of history,” said Andres Paara, President of the Georgian Triangle Association of REALTORS®. “As a result, the overall supply of homes for sale on the market has continued to come down since reaching a peak back in September 2011. That trend accelerated in February, however, with the number of active listings on the market posting its largest year-over-year drop in a decade.”
New residential listings numbered 312 units in February 2013, down 22 per cent from a year earlier.
There were 1,224 active residential listings on the Association’s MLS® System at the end of February 2013, down 11 per cent from year-ago levels.
There were 11.3 months of inventory at the end of February, little changed from 11.5 months at the end of February 2012. This stands only slightly above the long-run average for the months of inventory measure at this time of the year, as the downward trend in active listings continues to bring the market back into balanced territory. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The value of all residential transactions in February was $31.4 million, down eight per cent from a year earlier.
Sales of all types of properties numbered 127 units in February, a decrease of just one per cent compared to the same month in 2012. The total value of all properties sold in February 2013 was $36.1 million, down seven per cent on a year-over-year basis.
The Georgian Triangle Association of REALTORS® represents more than 360 REALTORS® registered with its member offices. The geographical area served by the Association covers the area known as the Georgian Triangle region of Ontario, and includes Clearview Township, Wasaga Beach, Collingwood, The Blue Mountains, Grey Highlands and Municipality of Meaford.
Andres Paara, President