Resale housing market stabilizing
Residential property sales recorded through the MLS® System of the Parry Sound Real Estate Board remained well below last year’s near-record levels in October, but have been showing signs of stabilizing in recent months.
According to statistics provided by the Board, residential sales numbered 34 units in October 2010, a decline of 26 per cent from the third highest October on record last year. On a seasonally adjusted basis, however, home sales have been showing signs of stabilizing since July.
“Year-over-year declines are being exaggerated by the rush of demand we saw last fall, even though sales are currently running at more normal and sustainable levels,” said Darrin O'Brien, President of the Parry Sound Real Estate Board. “For the year-to-date, activity is roughly on par with levels reported in the first 10 months of 2008 and 2009.”
The average price for homes sold through the Board’s MLS® System in October 2010 was $325,954, up 26 per cent from year-ago levels. While some of this large gain reflects the current average price, the size of the increase was also the result of an unusually low reading in October 2009.
The number of new residential listings on the Board’s MLS® System was down six per cent from year-ago levels to 62 units in October. Active residential listings numbered 479 units at the end of October. This was up 22 per cent from the same month last year, but stands well below 2008 levels.
There were 14.1 months of inventory at the end of October 2010. Again, this was well above levels from the same month last year (8.5 months), but below levels reported in 2008. 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 Parry Sound Real Estate Board is committed to a high standard of business practice, strong business ethics, and continuing education development that assists REALTORS® in effectively serving the real estate needs of the community. With approximately 100 Members, its REALTORS® service a large geographical area, extending from the French River to the north, southerly to Go Home Lake Road, easterly to the Highway 11 corridor, and westerly which includes the shores of Georgian Bay.