Kawartha Lakes Real Estate Market Watch Issue 16-10

Kawartha Lakes home sales decline in October as the number of homes for sale on the market falls below 200 for first time ever

Home sales recorded through the MLS® System of the Kawartha Lakes Real Estate Association Inc. came in below last year’s record October levels.

Residential sales numbered 104 units in October 2016, falling 24.1 per cent from the same month last year.

Some 1,452 homes have traded hands so far this year, up 2.8 per cent from the first 10 months of 2015. Activity is currently on track to set a new annual record in 2016.

New residential listings on the Association’s MLS® System totalled 90 units in October 2016, down 39.6 per cent on a year-over-year basis. This marks the lowest level for new supply for the month of October in more than 25 years.

Overall supply is currently running at record lows. There were just 170 active residential listings on the Association’s MLS® System at the end of October 2016, dropping 63.5 per cent from October 2015.

There were just 1.6 months of inventory at the end of October 2016, down from 3.4 months reported at the same time last year and the second lowest level of any month on record. 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.

 

Important information

Serving the City of Kawartha Lakes since 1958, the Kawartha Lakes Real Estate Association Inc. supports its REALTOR® members with a local Multiple Listing Service®, ongoing professional education and an effective government relations program. Our REALTOR® members are actively supporting our local charities, offer the highest level of service and have agreed to abide by a strict professional Code of Ethics.

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