Less Homes Sold But Prices Up
To quote Douglas Adams “We live in strange times.”
I bet you never thought the author of “The Hitchhikers Guide To the Galaxy” would ever be quoted on a Wasaga Beach Real Estate web site
Home sales are down significantly on 2017 and even more so than 2016.
For the first 8 months of the year:
2016 486 homes sold.
2017 396 homes sold.
2018 268 homes sold.
HOWEVER the 12 month average price continues to rise.
The Wasaga Beach real estate market continues to support a modest steady growth throughout 2018. In the month of August the average sales price increased +0.84% to $453,145. This amount estimates the more commonly quoted year over year average to be currently +4.75% as we entered the month of September (August 2017 $432,584 VS August 2018 $453,145).
The largest number of reported sales within the month of August was within a price range of $425,000 to $550,000. However homes priced between $600,000 and $750,000 continue to be challenged with significantly less than average sales in 2018 (down -58% YTD).
Within the month of August there was a total of 37 residential single detached homes sold with an average days on market (DOM) of 37 to complete a reported firm sale. The average DOM was down -18% from July 2018. Within the 37 reported sales the average list to sale ratio is currently 97.75% of asking price.
Year to date there has been a total of 268 homes sold within Wasaga Beach (freehold ownership). This amount is down -30.37% from August 2017 total of 396 homes sold. In comparison unit sales (the amount of homes sold) have been consistently down in each 2018 calendar month from 2017. However the largest month decreases were in the first quarter of the year and summer months were almost comparable to 2017. The month of July was down 8 home sales and August down only 4 home sales which is a potential sign the fall market could become more consistent with seasonal averages at we approach the forth quarter.
Adjusting inventory within Wasaga Beach remained consistent throughout the summer months with approximately 4.38 months of supply at this time.
Bottom line we are moving towards a Buyers market.