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Norfolk County
Economic Development
185 Robinson St, Ste 200, Simcoe, ON N3Y 5L6 Canada
Phone: 519-426-9497
Toll Free: 1-800-699-9038

Email: business@norfolkcounty.ca


Home sales improve from July to August, but volumes still down year-over-year

Residential sales activity recorded through the MLS® System of the Simcoe & District Real Estate Board numbered 93 units in August 2017. This was a decrease of 16.2% from August in 2016, and stood roughly in line with the 10-year average for the month. It marked a noticeable improvement from the 35% year-over-year decline recorded in July.

Year-to-date sales numbered 779 units over the first seven months of 2017, down 5.6% from 2016. It was the third best ever level for the period.

“Home sales improved from well below-average levels in July to more normal levels in August, although they remain well down from the highs reached earlier this year,” said Gail Bouw, President of the Simcoe & District Real Estate Board. “While it is only one month’s worth of data, it does suggest some buyers may be starting to venture off the sidelines and back into the market.”

The average price of homes sold in August 2017 was $357,890, up 12.9% from August 2016. The year-to-date average price was $346,607, up 19.7% from the same time last year.

The dollar value of all home sales in August 2017 was $33.3 million, a decline of 5.4% from August 2016.

New residential listings numbered 118 units in August 2017, down 15.1% from August 2016. This was the lowest August level in over a decade.

Overall supply is still running at the lowest levels on record. Active residential listings on the Board’s MLS® System numbered just 209 units at the end of August, down 30.3% from August 2016.

There were just 2.2 months of inventory at the end of August 2017, down from 2.7 months at the end of August 2016 and a record-low for this time of the year. 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 Simcoe & District Real Estate Board was established in 1959 and covers a very diverse and extensive region. Simcoe and District Real Estate Board members are highly trained and knowledgeable about our unique area and all there is to offer.

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