Area Real Estate Sales Spring Back in March

The month of March brought forth improved property showing and sales activity throughout the region.  Historically low mortgage interest rates continued throughout the first quarter of 2009, with the Bank of Canada lowering its key overnight rate to a mere 0.5% on March 3, 2009.    In the most active price range, $0 - $249,999, there was an increase in the number of instances where multiple or competing offers were present.  Low interest rates, a wide selection of properties available to choose from and stable pricing have many buyers realizing now is the time to buy.

As reflected in the chart above, the number of residential real estate listings for the Georgian Triangle Real Estate Board (which includes the municipalities of Collingwood, Wasaga Beach, Clearview, Blue Mountains, Grey Highlands, Meaford, Essa Township, Tiny and Mulmur) are up 7.3% for the first quarter of 2009 at 1279 listings, compared with 1192 listings for the same period in 2008.  

The number of sales at 232 for first quarter 2009 versus 375 sales for the same period 2008, are reflected in the corresponding total dollar sales of $54,031,968 for Q1 2009, versus $101,234,168 for the same period last year. 

In the breakdown provided by price range, 168 listings were sold Jan.1-March 31, 2009 in the range 0 - $249,999, versus 234 same period last year.  In the range $250,000 to $499,999, 56 sales occurred January/February/March 2009, versus 124 same period 2008.  In the $500,000 to $999,999 range we see 13 sales occurring in YTD 2009, versus 21 in the first quarter of 2008.  Finally, in the $1 Million and over range, there has been one sale this year, versus 6 in the same period last year.    

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Information provided by the Georgian Triangle Real Estate Board, copyright 2009.  E&OE.