Residential sales activity recorded through the MLS® System of the Simcoe & District Real Estate Board totaled 72 units in July 2018. This was up 4.3% (three sales) from July 2017. This was the first year-over-year increase since last November and before that March 2017.
On a year-to-date basis, home sales totalled 419 units over the first seven months of the year. This was down 27.5% from the same period in 2017.
“Sales have been slowly but steadily improving over the first seven months of 2018, and now that we are more than a year past last year’s sharp slowdown, activity in July was back into positive territory on a year-over-year basis,” said Paul Van Londersele, President of the Simcoe & District Real Estate Board. “The region is still facing a historic shortage of listings, which is keeping the upward pressure on prices.”
- The average price of homes sold in July 2018 was $356,812, up 7.4% from July 2017.
- The more comprehensive year-to-date average price was $366,917, up 5.8% from the first seven months of 2017.
- The dollar value of all home sales in July 2018 was $25.7 million, rising 12.1% from the same month in 2017.
- There were 106 new residential listings in July 2018. This was an increase of 12.8% (12 listings) on a year-over-year basis.
Overall supply is running at some of the lowest levels on record for this time of the year. Active residential listings numbered 194 units at the end of July. This was an increase of 14.8% from the end of July 2017, but remains well below the same time in every other year on record.
Months of inventory numbered 2.7 at the end of July 2018, up a bit from the 2.4 months recorded at the end of July 2017 but well below the long-run average of 7.2 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.