Much to the delight of many prospective Buyers, new listings totaled 408 at the end of June 2019 vs 358 in June 2018 boasting a 14.0% increase in new listings across the Western Region year over year and marking a five year high for new supply in June.
Active listings were up 33.4% over last June with 886 properties available vs 664 June 2018, providing some relief to the very tight market conditions experienced over the past 2.5 years. With more listings to choose from, sales activity rebounded 5.1 % year over year. On a year-to-date basis, home sales in the Western Region numbered 929 units over the first six months of the year, rising 1.2% from the same period in 2018. Likely due in part to increased sales activity in higher priced properties and with the ongoing demand driving prices upward, the average sale price for a residential property across the Western Region increased a substantial 9.4% year over year to $536,718.
Within the Western Region the average sale price increased year over year in all areas with the exception of the Town of the Blue Mountains, which showed a 10.9% decrease in average sale price. The Sales to New Listings Ratio for June 2019, was 45.3, down from 49.2 last June, slipping out of the strong Sellers market that we have experienced over the past few years, however still within balanced market conditions. Months of Inventory was 4.8 at the end of June 2019, up from 3.8 months reported at the end of June 2018. Both Buyers and Sellers seem to be responding well to more balanced conditions.