Home sales continue to improve in August
Residential property sales recorded through the MLS® System of the Parry Sound Real Estate Board came in well above year-ago levels for a third consecutive month in August 2011.
Home sales numbered 58 units in August, an increase of 18 per cent compared to the same month in 2010.
“Some of that big year-over-year sales gain reflects weak demand last summer, but it also reflects the current strength of demand, with last month’s sales figure marking the best month of August since 2007,” said Darrin O’Brien, President of the Parry Sound Real Estate Board. “As of the end of August, activity for the year-to-date had all but caught up with last year’s levels, and was also running in line with the first eight months of 2008 and 2009.”
The average price of homes sold in August 2011 was $306,012. This was an increase of one per cent compared to August 2010.
New residential listings numbered 109 units in August 2011, rising seven per cent from a year earlier. There were 652 active residential listings on the Board’s MLS® System at the end of August 2011. This was down three per cent from the same time last year.
There were 4.9 months of inventory at the end of August on a seasonally adjusted basis, unchanged compared to July. 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.