MLS® unit sales activity reported through the Georgian Triangle Real Estate Board (which includes the municipalities of Collingwood, Wasaga Beach, Clearview, Blue Mountains, Grey Highlands and Meaford) softened in the first quarter of 2011 with 348 properties changing hands this year versus 387 in the very strong first quarter of 2010, a decrease of 10%. The first quarter exhibited moderate sales activity throughout some segments of the region, with sales volume of $111,068,509 up 4.5% over that of $106,265,950 in the first 3 months of 2010.
Area real estate sales trended lower in March with monthly unit sales decreasing 22% over the same month last year. Historically low mortgage rates, continued to be the norm, with the Bank of Canada holding its benchmark overnight rate steady at 1%.
Of the 348 sales during the first quarter, 155 (44%) occurred in March generating $48,503,192 (43%) of year-to-date 2011 sales volume. During 2011, first quarter sales decreased in the under $500,000 price range, when compared to the first quarter last year. Unit sales below $250,000 decreased 7%; first quarter sales in 2011 between $250,000 - $500,000 decreased a substantial 25%, while sales from $500,000 - $1 Million increased 32%. Sales over $1 Million totalled 10 properties versus 2 sales in the first quarter of 2010, representing an increase of 400%. Of significant note, three sales in excess of $1.5 million were reported in the first quarter of 2011. This quarter has seen an upturn in market activity in the over $500,000 range of unprecedented proportions.
The number of new MLS® listings during the first quarter of 2011 totals 1,497 units, down 2% from the 1,527 properties listed in the first quarter of 2010. In particular, March 2011 reflected strong listing activity with 576 listings representing 38% of the year-to-date new listing total of 1,497 properties coming to market. To date, 692 listings expired in the first quarter of 2011 down 4% from the number of expired listings in the first three months of 2010.
While market conditions are expected to remain stable in second quarter, current statistics indicate that fewer than 1 in every 3 houses listed actually sell. Those sellers, who are contemplating listing their property in the months ahead, are encouraged to consult a local REALTOR® to obtain a qualified evaluation of their home. Doing so will ensure their property is IN the market, not just ON the market.
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Information provided by the Georgian Triangle Real Estate Board, copyright 2011. E&OE.