Kawartha Lakes home sales still running near average levels in November
Residential home sales recorded through the MLS® system for the Kawartha Lakes Real Estate Association Inc. totaled 97 units in November 2018, down 11.8% (13 sales) from November 2017. The 10-year average for October sales is a little over 100 transactions.
On a year-to-date basis, home sales totalled 1,236 units over the first 11 months of the year. This was a decrease of 17.9% from the same period in 2017. 2018 is on track to be the slowest year for home sales in the region since the late 1990s, although most of that weakness was earlier in the year.
There were 119 new residential listings in November 2018. This was an increase of 12.3% (13 listings) on a year-over-year basis. While new listings in October were at their highest level for the month in three years, new supply is still running at below-average levels.
Overall supply is still historically subdued but is up from the extreme lows seen in 2016 and 2017. Active residential listings numbered 329 units at the end of November, up 27.5% from the end of November 2017. That said, the long-term average for this time of the year is over 600 listings.
Months of inventory numbered 3.4 at the end of November 2018, up from the 2.3 months recorded at the end of November 2017 but below the long-run average of 7.9 months 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.
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BOARD & ASSOCIATION INFORMATION: 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.