Real estate market remains tight

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July home sales were down slightly in Norfolk but the selling prices were up over the previous year.

A total of 67 residential properties were sold in the area covered by the Simcoe & District Real Estate Board in July. This figure was down 8.2 per cent or six sales compared to July 2018.

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The average home price for the period was $397,229, up 11.3 per cent from the previous year. Total value of home sales in the month was $26.6 million.

“Home sales were a little below average in July,” Melissa Mummery, president of the Simcoe & District Real Estate Board, said in a media release. “At the same time, inventories continue to build back towards more normal levels. That said, at this point the market is still tight, which is why we continue to see sizable price gains.”

There have been 437 residential units sold in the first seven months of this year. This is up 10.6 per cent from last year.

Average home price for the year is $390,824, representing a 7.5 per cent hike over the same period in 2018.

There were 123 new residential listings in the month; the highest number for July since 2014.

At the end of July there were 251 active residential listings. While this represents a 36.4 per cent gain over July 2018, the real estate board says supply remains low.

“Months of inventory numbered 3.7 at the end of July 2019, up from the 2.5 months recorded at the end of July 2018 but still only about half the long-run average of 7 months for this time of year,” said the release.

Months of inventory figures represent how long it would take to sell inventory based on current sales activity.