The Georgian Triangle Association of REALTORS® recently released its quarterly market report (links to full report below). The 3rd quarter and the year to date to end of September of 2013 numbers came in with encouraging and positive results compared to last year. The year started quite slowly in many sectors and regions within our area, but all price categories and almost all municipalities are now in the positives. The Million Plus market in particular has rebounded and is up in number of sales by 62.5% in the 3rd quarter and is now just above the number Sold year to date last year.
Of interest as a trend, our Sales to Listing Ratio has been steadily coming closer to a Balanced market overall for Buyers and Sellers. The ratio started the year off at 19.8% and has steadily climbed to a present 31.2%. This indicates that it is still considered a Buyer’s market, however getting much closer to the 45-48% range that would indicate a Seller’s market. In other words, we started the year off with 1 in every 5 properties on the market selling and we are now down to 1 in 3. With a decrease in the number of Listings coming onto the market combined with a reduction of the number of Expired MLS® listings, we have an overall reduction of available inventory on the market to choose from.
We expect that our year will end quite strongly confirming again that this is a great region to own property.
With the interest rates currently still at near historic rates, but with rumblings of some possible increases on the horizon, it is a good time for Buyers to pull the trigger on making a purchase. Also, if you have been considering Listing your property, now is a good time to do so.