The area real estate market saw two 30-year records broken last month.
January 2021 brought a record number of homes sold in the Southern Georgian Bay region, and an all-time low for new listings.
According to the Southern Georgian Bay Association of Realtors and sales recorded through the MLS system, there were 236 homes sold in the region last month for a total value of $198 million.
“Demand for homes across the Southern Georgian Bay region is at an all-time high,” said Matthew Lidbetter, president of the Southern Georgian Bay Association of Realtors, in a news release. “This has resulted in home prices rising quickly across all property types, although particularly in those property types with more living space.”
According to the MLS home price index, the composite benchmark price for the region was $525,000 in January 2021, which is up by 27.9 per cent compared to January 2020. The composite benchmark price is the selling price a mid-range home would fetch on market.
Further breakdown of benchmark pricing per housing type estimates $546,000 for a single family home in the region (increase of 30 per cent year-over-year), $437,000 for a townhouse/row unit (increase of 19.5 per cent), and $367,300 for an apartment (increase of 11 per cent).
In the western half of the region, including Collingwood Wasaga Beach, Clearview, The Blue Mountains, Meaford and Grey Highlands, there were 128 homes sold in January 2021. This is another 30-year record and an 18.5 per cent increase over the number of homes sold in the same area in January 2020.
In the eastern half, which includes Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay Townships, there were 108 homes sold last month.
By the end of last month there were 256 residential units listed for sale, which is a decrease of 75 per cent compared to January 2020. The realtor’s association estimates it would take 1.1 months to sell what inventory remained at the end of January 2021.