Residential sales in the Western Region were down 7.9% year over year, from 151 to 139, likely due in part to the ongoing supply issue and a ordability challenges for some Buyers who were faced with rising sale prices and stress test requirements for mortgage approvals.
New listings were up 13.4% year over year, providing some Buyers more choices especially at a time of year that usually sees a seasonal slow down in new listings. And although residential supply remained at near record lows keeping the market tight, there were 551 active listings in November 2018, up 15.5% over last November.
With the Months of Inventory at 3.6, up from 2.8 year over year, the Western Region continued to experience a strong Sellers market, which is when there are less than 6 months of inventory on the market.
The desirable lifestyle that the Southern Georgian Bay a ords is clearly continuing to attract families, retirees and young professionals who ultimately acquire housing in The Western Region, safeguarding the prosperity of our region. However, with more Buyers than available properties for sale, supply and a ordability will be on the minds on many for the year ahead.