Area Real Estate Sales Strengthen in May

Following two months of significantly slower sales activity in March and April wherein sales were approximately 20% below the same months last year, area real estate sales made a stronger comeback May.

Individual unit sales reported through the MLS® system of the Georgian Triangle Real Estate Board (GTREB) in May were down 5% versus May of 2010, totaling 183 sales compared to 193 sales last year. Sales revenue for the month of $51.2 million was 4% below the $53.5 million worth of properties sold in May of last year. Unlike prior months where higher-end sales drove sales revenue, May saw only one sale reported over $1 million versus 3 sales of $1+ million in May 2010. Nonetheless, sales over $1 million for the year are up 44% with a total of 13 sales in this price range to date.
Following the stronger sales activity in May, the gap in year-to-date dollar sales has narrowed. Sales revenue through the end of May totals $211.2 million compared to $219.4 million worth of properties sold in the first five months of 2010. Unit sales year-to-date however remain well off last year's pace with 698 individual MLS sales reported this year versus 788 through the end of May last year, a decrease in excess of 11%.
Other than Wasaga Beach where unit sales are up 3%, every other local municipality has seen a decrease in unit sales activity year-to-date. Clearview Township -4%, Collingwood -3%, Grey Highlands -10%, Municipality Meaford -37%, The Blue Mountains -14%.
Overall the year appears to be shaping up much like 2009 which saw softer sales activity in the first six months of the year with very robust sales activity through the summer and fall. The latter half of 2010 saw much weaker sales and this has obviously spilled over into 2011.