Waterfront Sales Smash September Record
Muskoka Haliburton Orillia –
The Lakelands Association of REALTORS®
Waterfront sales smash September record
On a year-to-date basis non-waterfront sales were still running at the highest level ever, up 12.4 per cent from the first nine months of 2015.
Sales of waterfront properties, meanwhile, smashed last year’s September record by 20.1 per cent in September 2016.
On a year-to-date basis waterfront sales were up 14.8 per cent from the first nine months of 2015. This was the best first nine months to any year on record.
“Waterfront sales were still smashing records in September while residential non-waterfront sales only managed near-record level activity,” said Mike Taylor, President of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®. “We know demand is still very strong, so it’s likely that waterfront sales are performing better than non-waterfront sales simply because that segment of the market is better supplied. The waterfront segment had just less than four months of inventory at the end of September versus just two months for non-waterfront properties. That said, both of those numbers represent extremely tight markets, so it’s no surprise that median prices posted sizeable year-over-year gains in September.”
The median price for residential non-waterfront property sales was $245,500 in September 2016, up 7.8 per cent from September 2015. The median price for waterfront sales was $440,000 in September 2016, an increase of 17.3 per cent from September 2015.
The dollar value of all residential non-waterfront sales in September 2016 totalled $56 million, rising 34.7 per cent from September 2015. This was a record for September and marked the first time volumes had ever surpassed $50 million in this month.
The total value of waterfront sales was $167.4 million, jumping 61.3 per cent from September of last year. This was the highest level for September on record.