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Parry Sound Real Estate Report- September 2014

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Blog by John & Bonnie Fincham, Brokers | October 31st, 2014

The Parry Sound Real Estate Board released their statistics for September 2014 sales of homes, cottages and vacant land.

Home real estate sales recorded through the MLS® System on the Parry Sound & Area Association of REALTORS® board were 52 units in September 2014, up 6.1 per cent from 2013.

The average selling price of all homes sold in September 2014 was $335,469, up 16.1 per cent from the same time last year. On a more stable comparison, the year-to-date sale price average was $305,935, up 7.8 per cent from the same period in last year.

The average price for cottage properties was up 15.9 per cent on a year-over-year basis to $404,592 in September. The share of home sales for these more expensive property types was also higher relative to a year earlier, contributing to the increase in overall average price. In comparison, the average price for single detached homes rose 9.6 per cent over the same period to $274,599.

New home real estate listings were 114 units in September 2014, a 23.9 per cent increase from September 2013. This was the second highest level on record for new supply in the month of September.

Overall supply of homes, cottages and vacant land for sale is running at historically high levels. There were 744 active residential listings on the Association’s MLS® System at the end of September 2014, up 15.5 per cent from the same time last year.

There were 14.3 months of inventory at the end of September 2014. This was up from 13.1 months one year ago and stood above the long-run average for this time of the year. 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.