BY MATT WEBB-SMITH –
2017 was a wild ride for real estate across Ontario from the GTA to rural Grey County and it was a record-breaking year for markets across the province.
It was also a year that brought much change to the industry from the Wynne government instituting new rules to reign in foreign buyers, landlords and vacant property management to the coming changes in federal mortgage lending rules and regulations in 2018.
After a frenetic spring and summer market where competition commonly created multiple offers on many properties across Grey County, the early fall was calmer as buyers decided to wait out the summer bubble and see what the fourth quarter would bring.
In late August and September, many listings that were priced for the hot market either came down by as much as $100,000 or left the market all together.
Home sales in August 2017 were down by 20% year over year, and by the end of September, active residential listings were down by 40%. The numbers released by the board show active residential listings at the end of October were the lowest ever recorded, down 33.5% over the same period last year.
But what goes down…must come up!
And when fall arrived, buyers who had sat out of the crazy days of summer came back to the market. As a result, October and November were marked by a remarkable uptick in sales.
According to The Real Estate Association of Grey Bruce (RAGBOS) sales stats, 280 units had sold in October, the best total sales figure ever recorded in the region for that period. The average price of a home sold was $297,724, up 13.5% percent over the same time last year, and +12% since January of this year.
It’s the old axiom of supply and demand. When supply is low, it’s a sellers market and buyers are forced to compete for the available product. With the winter upon us, and the new year right around the corner, it’s a good time to consider your options.
If you are thinking of listing in 2018…don’t be late to the party.
*Source: Real Estate Association of Grey Bruce Owen Sound
Matt Webb-Smith is a Licensed Realtor with Sutton-Sound Realty Inc., Brokerage.
For a free home appraisal you can contact him at email@example.com
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