Tuesday, January 31, 2012

How's The Local Market


Provided by The Canadian Real Estate Association
The Orillia & District Real Estate Board Inc.

Home sales stable in December.

Residential sales activity recorded through the MLS® System of the Orillia and District Real Estate Board held steady at the end of 2011. Demand in December matched levels in the previous two months, although activity did come in a little below levels in December 2010.

Residential sales numbered 44 units in December 2011, decreasing four per cent from the same month a year earlier. Sales of all property types numbered 49 units in December 2011, down nine per cent from December 2010.

On a seasonally adjusted basis, activity in December ran about even with levels in October and November, with these months marking the strongest three month stretch in 2011.

“A total of 865 homes traded hands over the Board’s MLS® System in 2011,” said Debbie Gilbert, President of the Orillia and District Real Estate Board. “While that was a decline of 10 per cent from 2010 levels, most of the weakness in demand was back in the spring. Since then activity has been on the rise. The fourth quarter of 2011 was actually the strongest quarter we’ve seen in a year and a half, so there’s definitely some good momentum heading into the new year.”

The average price for waterfront property sales was $307,500 in December 2011, down 27 per cent from a year earlier.

The non-waterfront residential average price remained unchanged from a year earlier at $222,879 in December 2011.

New listings on the Board’s MLS® System numbered 69 units in December 2011, up 19 per cent from December of 2010.

There were 342 active residential listings on the Board’s MLS® System at the end of December, edging down one per cent from the same time last year.

There were 6.9 months of inventory at the end of December 2011 on a seasonally adjusted basis, down slightly from 7.2 months at the end of November. 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 total value of all home sales was $9.8 million in December 2011, down 15 per cent from year-ago levels. The value of all property sales declined 19 per cent on a year-over-year basis to $10.4 million .
Incorporated over 40 years ago, the Orillia and District Real Estate Board offers its members the most advanced medium of selling real estate, by supplying to them the most efficient MLS® system available. The Board enforces a strict code of business ethics and standards of practice among its members, both brokers and salespersons.

The information contained in this report has been prepared by The Canadian Real Estate Association, in co-operation with the Orillia & District Real Estate Board. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, neither The Canadian Real Estate Association nor the Orillia & District Real Estate Board assumes any responsibility or liability. Copyright© 2012 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.