Following a healthy 39% increase is MLS® dollar volume during February, MLS® sales in March declined $9 million or 9.7% from March 2019 totaling just under $84.6 million. Most of this decline fell in the latter half of the month once the severity and full impact of the COVID-19 virus was realized. 1st Quarter MLS® sales of $242.3 million are up 13.2% from one year ago.
Total MLS® sales in March of all property types totaled 152 units down from 24 units sold or 13.6% from March of last year. Year-to-date MLS® sales of 425 properties are up 17 sales or 4%.
MLS® new listings to come onto the market in March totalled 341 properties a modest increase of just 4 or 1% over last year. Year-to-date new listing activity for the 1st Quarter shows an increase of 6.4% from one year ago with 850 new MLS® listings in 2020 compared to 799 in the 1st Quarter of 2019.
Expired MLS® listings in March totaled 79 properties, 29 more than in March 2019. Coincidentally, year-to-date expired MLS® listings now total 211 up exactly 29 expired listings more that last year or 15.9%.
What is more interesting to note is the number of MLS® listings that have been suspended, temporarily taken off the market. With the onset of the COVID-19 virus, many sellers do not want their properties being shown hence as per MLS® rules they must be suspended. To date, 24 properties have been suspended in our local MLS® System in the 1st Quarter 19 of which took effect in March alone. By comparison, during the 1st Quarter of 2019 there were “zero” MLS® listings suspended. COVID-19 has clearly had an impact with many sellers opting to wait things out.
The average MLS® list-to-sale price ratio decreased in March to 96.2% versus 97.5% in both January and February. Homes priced accurately to their current market value draw buyers who are willing to pay closer to the full asking price
Year-To-Date MLS® single family home sales in March totalled 282 units, up just 2 homes from the 280 homes sold in the 1st Quarter of last year. Year-to-date single family home sales across area municipalities are showing mixed results as follows: Collingwood up 10%, Clearview Township down 12%, Grey Highlands up 71%, Blue Mountains down 13%, Wasaga Beach up 10% and the Municipality of Meaford down 13%.
MLS® condominium sales in March continue to remain strong with 28 sales reported, 1 unit more that in March 2019. Year-to-date condo sales of 93 units sold compared to 69 sales during the 1st Quarter of 2019 is an increase of 35%.
Single family home sales continue to remain very robust from $800,000 to $2 Million. As per the accompanying chart, year-to-date sales in these price segments are up between 43% to 100%. Sales over $2 Million are down by just 1 unit with 2 sales reported this year versus 3 sales during the 1st Quarter of 2019.
As a licensed real estate Broker for 20 years, my mandate has always been to provide knowledgeable, quantified and unbiased service to my buyer and seller clients. In these challenging times, that is as if not more important than ever. To that end I remain committed in providing the most current and accurate information I can to help people make the decisions they need to address their real estate buying and or selling needs.
In the months ahead, real estate, employment and other economic factors will change month to month, east-to-west, north-to-south, and province-to-province. The degree of change we experience positive or negative remains to be seen and I will be following it closely. Please feel free to Contact Me if you have any questions or concerns relative to your specific real estate situation either now as we fight COVID-19 or in the months ahead. Click here March 2020 Market Report for a PDF copy of my monthly market statistics/report.
Stay safe and stay healthy!