Kawartha Lakes Real Estate Market Watch Issue 16-12
Sales just miss record year in 2016 as supply shortage starts to bite into sales
Home sales recorded through the MLS® System of the Kawartha Lakes Real Estate Association Inc. decreased in December 2016 compared with the previous December.
Residential sales numbered 45 units in December 2016, falling 33.8 per cent from the same month in 2015. It appears the ongoing supply shortage in the region finally started to bite into sales in the fourth quarter.
On an annual basis home sales numbered 1,561 in 2016 a decrease of just 0.6 per cent or just 10 sales from 2015.
New residential listings on the Association’s MLS® System totalled 40 units in December 2016, down 42.9 per cent on a year-over-year basis. This is the lowest number of new listings for any December on record.
Overall supply is currently running at record lows. There were just 104 active residential listings on the Association’s MLS® System at the end of December 2016, dropping 60.3 per cent from December 2015. The low levels of supply are making it difficult for buyers to find a property which is leading to the decreased sales volume.
There were 2.3 months of inventory at the end of December 2016, down from 3.9 months reported at the same time in 2015 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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