New Year Begins with Lack of Homes for Sale

The number of Norfolk County house sales declined by 40% while the average price increased by 31.48% to $400,253.00 year-over-year for the month of January.

New listings also dropped by 15.19% causing continued low inventory levels while properties continued to sell quickly – – – 18.46% faster than January 2017.
In Simcoe, the average sale price climbed from $246,749.00 to $288,190.00, an increase of 16.75%. There were 28.57% less properties offered for sale in the town of Simcoe in January compared to the same month a year ago.
Port Dover which has experienced significant price appreciation in recent years saw an average price increase of less than 1% in January in a year-over-year comparison.  At the same time, the number of sales were down by nearly 72% and new listings were also down by over 44%.  
The minor Port Dover average home price increase may be a result of changing Greater Toronto Area (GTA) home prices.  Many Port Dover home buyers are relocating from the GTA to Port Dover.  
Toronto area home prices dropped 4.1% year over year declining to $736,783 on average in January.  Sales and prices in the Toronto region are expected to climb again in the latter half of the year as the market shakes off the dampening effect of the Ontario Liberal government’s Fair Housing Plan of last April, including a foreign buyers tax.
Delhi once again saw some huge fluctuations in year over year activity.  The average price skyrocketed by 49.96% to $336,200, properties sold 23.81% faster, while listings dropped by 25%.  This can be attributed to Delhi’s relative affordability in comparison to other Norfolk communities. 
Waterford, Turkey Point and Long Point only combined for 4 total sales in 2018 up from 2017 with 1 total sale between the 3 communities.
If you are considering selling this winter, the market conditions remain a seller’s market.  Low inventory, high demand, reduced listings and quick sales are all favourable conditions for selling.  Don’t let the winter snow and cold keep you from listing this winter. Contact us to discuss specific market conditions for your home, and a plan to get you where you want to go, on time!
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