Residential sales activity recorded through the MLS® System of the Simcoe & District Real Estate Board totaled 84 units in August 2018. This was up 3.7% (three sales) from August 2017.
On a year-to-date basis, home sales totalled 529 units over the first eight months of the year. This was down 21.7% from the same period in 2017.
“While home sales are still running at below-average levels, they have improved this summer compared to earlier in the year, which is in line with what is happening in many other markets in this part of the country,” said Paul Van Londersele, President of the Simcoe & District Real Estate Board. “The region is still facing a historic shortage of listings, which has kept upward pressure on prices despite more subdued demand this year.”
The average price of homes sold in August 2018 was $387,634, rising 11.9% from August 2017.
The more comprehensive year-to-date average price was $372,109, up 8% from the first eight months of 2017.
The dollar value of all home sales in August 2018 was $32.6 million, up 16.1% from the same month in 2017.
There were 99 new residential listings in August 2018, down 3.9% (four listings) on a year-over-year basis. It was the lowest August level in 15 years.
Overall supply is running at some of the lowest levels on record for this time of the year. Active residential listings numbered 196 units at the end of August. This was up 7.7% (14 listings) from the end of August 2017 but remained well below the same time from every other year on record.
Months of inventory numbered 2.3 at the end of August 2018, up slightly from the 2.2 months recorded at the end of August 2017 but well below the long-run average of 7.3 months for this time of 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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