$400,000 to buy a home in Norfolk
The hot housing market in southern Ontario continues to propel real estate in Norfolk County to new heights.
“The ongoing supply shortage in the region continues to result in sizeable price gains,” Melissa Mummery, president of the Simcoe and District Real Estate Board, said in her monthly report for November.
A total of 50 homes sold in the local area in November. The $20.8 million generated was 23.8 per cent higher than the sales volume in November 2018, and represents a new record for the SDREB catchment area.
Average home prices in the local area also continue to climb. The average price of homes sold in November was $415,000. This is 16.4 per cent higher than the average in November 2018.
As they have all year long, the price gains are due to a comparative shortage of homes available for sale. There were 54 new residential listings in November, a record low for the month in the local area.
The comparative lack of homes is also impacting on how quickly units are selling.
The long-run average for selling all homes on the local market at any given moment is 8.4 months. In the current environment, the inventory sales rate at the end of November was 3.3 months, which is unchanged since the end of November 2018.
Through the first 11 months of 2019, a total of 704 housing units sold in the SDREB catchment area. This is a 16.7 per cent higher than the same period in 2018.
In her report, Mummery noted there was a noticeable reduction in sales activity through November compared with October. Mummery described the reduction as a “significant slowdown.”
At the end of November, 165 housing units were available for purchase in the SDREB’s jurisdiction. This is up 7.1 per cent over November 2018, “but still historically very low,” Mummery says.