The Georgian Triangle is seeing record-breaking sales like we’ve never seen before. There are more homes being sold and fewer homes on the market. This makes for an absolute seller’s market, where homebuyers have limited pick of homes in this area.
August 2016 is the month we set an all-time high in dollar sales with $119,605,759, which is up $45,000,000 in sales from this time last year. It is absolutely incredible. Even with this increase, new listings were actually down in August, as compared to May this year. August’s sales-to-listings ratio was 97%, which is unprecedented both here in the Georgian Triangle and throughout the entire market.
What does this mean for you?
If you are a buyer, unfortunately this means that the need is outpacing the supply – there are way more homes than there are buyers. As a buyer, you’ll have fewer homes to choose from and of the homes you have to choose from, you’ll have to act quickly and possibly even settle for a home that doesn’t fulfill all of your needs.
As a buyer, this puts you in total control. Because of the limited supply of homes, you can almost guarantee your home will sell, for more than or at least at list price. You may get into multiple offer situations as well, which can be confusing, but will ensure you get what you want for your home.
What price points are selling best?
Every single price point is selling well, even in the under $100,000 range, right up to the $1.5 million range. Homes that are over $1.5 million have increased in sales by 111%. This means people are spending more and have larger budgets. The other biggest gains are seen in homes from $500,000 to just under $1 million, which makes sense, as this is where the majority of homebuyers are.
Where are homes selling the best?
Clearview is leading the way in terms of sales, with an increase of 31%, followed closely by Wasaga Beach, with an increase in sales by 29%, in an already high-volume market. But, all areas in the region, including Collingwood, Grey Highlands and Meaford are experiencing increases in sales volume.
What are people buying?
While all properties are selling well, the biggest increase in sales are on vacant lots! This might mean that people are already planning their retirement and know that valuable land is being sold by the day and they don’t want to miss out. Besides this, single family homes and condos are also selling well.
What does this mean?
While many experts question how long the trend of increasing home sales and prices in a market where there aren’t enough homes to go around will last, it is a good time to enjoy the ride. Buying a home now ensures you get into this market while you can, in case the prices continue to go up.