Simcoe home sales remain subdued in December

Residential sales activity recorded through the MLS® System of the Simcoe & District Real Estate Board totaled 28 units in December 2018. This was a decrease of 17.6% (six sales) from December 2017.
On an annual basis, home sales totaled 680 units in 2018, a decline of 19.8% from 2017 and the slowest year since 2010.
“2018 was a quieter year for the local housing market, with buyers having to contend with the stress test and rising interest rates, along with the price gains of recent years and a short supply of listings to choose from,” said Melissa Mummery, President of the Simcoe & District Real Estate Board. “We have recently been seeing some relief on the supply side, which will give buyers a bit more choice in 2019 and may also start to slow the rate of price growth.”
The average price of homes sold in December 2018 was $363,837, up 9.9% from December 2017. The more comprehensive annual average price was $372,958 in 2018, up 8.8% from 2017.
The dollar value of all home sales in December 2018 was $10.2 million, down 9.5% from the same month in 2017.
There were 48 new residential listings in December 2018. This was an increase of 29.7% (11 listings) on a year-over-year basis.
Overall supply is up from the end of last year but remains below all other years. Active residential listings numbered 158 units at the end of 2018, up 50.5% from the lowest level ever recorded at the end of 2017.
Months of inventory numbered 5.6 at the end of 2018, up from the 3.1 months recorded at the end of 2017 but only half the long-run average of 10.3 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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