Kawartha Lakes Real Estate Market Watch Issue 16-11
Kawartha Lakes home sales crimped by record supply shortage
Home sales recorded through the MLS® System of the Kawartha Lakes Real Estate Association Inc. came in well below last year’s November levels.
Residential sales numbered 64 units in November 2016, falling 29.7 per cent from the same month last year.
Some 1,516 homes have traded hands so far this year, up just 0.9 per cent from the first 11 months of 2015. Activity is currently on track to set a new annual record in 2016, although if current trends persist through December it may end up taking a backseat to 2015.
New residential listings on the Association’s MLS® System totalled 75 units in November 2016, down 35.9 per cent on a year-over-year basis. This marks the lowest level for new supply for the month of November in more than 25 years.
Overall supply is currently running at record lows. There were just 137 active residential listings on the Association’s MLS® System at the end of November 2016, dropping 63.2 per cent from November 2015.
There were 2.1 months of inventory at the end of November 2016, down from 4.1 months reported at the same time last year and well below the long-run average for this time of 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.
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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