Area real estate activity in February continued to show a strengthening in both sales and listing activity across most municipalities in the Georgian Triangle, reflecting further improvements in consumer confidence from the same time last year. Sales reported through the MLS® system of the Georgian Triangle Real Estate Board (GTREB) posted a 38% increase in dollar revenue for the month with sales of $40.1 million versus $29.2 million one year ago. Unit sales were up slightly during the month, 9% with a total of 117 properties changing hands compared to 107 last year.
As was the case in January, we continue to see significantly higher sales of upper-end properties which is the main factor driving the increased sales revenue. A total of 4 properties sold valued at over $1 million with one property hitting an all time high for the area of $3.25 million. By comparison there were no $1 million dollar sales in the first two months of 2010.
Year-to-date MLS® sales revenue totals $62.8 million up 27% from $49.6 million in the first two months of 2011. The number of new listings that have come onto the market this year total 923 properties up 8% from 856 new listings at the end of February 2011. Despite an increase in the number of listings, there is still for the most part an insufficient supply of properties for sale by property type, in any given area and in several price ranges. This is serving to help balance the market in favour of neither buyers nor sellers. There is however one exception. Despite a sharp increase in the sale of $1 million + properties, there are currently 63 active listings for homes priced over $1 million.
On a year-to-date basis the municipalities of Collingwood and Wasaga Beach are both showing a reduction is sales activity of 7% while sales in Grey Highlands are down 40%. Conversely Clearview sales are essentially equal to the first two months of last year, while sales in the Blue Mountains are up 30%.
Taking a quick look at condominium sales indicates that year-to-date MLS® condo sales total 37 units down from 44 units sold in the first two months of 2010. Condo sales in the Blue Mountains have increased this year with 16 sales being reported compared to 12 in 2010, an increase of 33%. Collingwood condo sales on the other hand have taken a hit this year. Through the end of February there have been 16 MLS® condo sales in Collingwood compared to 30 in the same period last year. This may be just an aberration and we will continue to watch this situation closely in the coming months to see if it is indicating a more permanent trend.
The average residential sale price year-to-date is $352,259 up 22% from the average sale price of $287,239 a year ago. This increase can for the most part be attributed to the significant increase in home sales over the $1 million mark in the first two months of the year and should not be construed as price appreciation across the overall market.
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