Though home sales in South Georgian Bay are down by nearly 40 per cent in some cases compared to last year’s totals, industry are taking encouragement a different trend.
Mike Scholte, president of the Southern Georgian Bay Association of Realtors (SGBAR) is encouraged by a glimpse of what he refers to as a return of the housing market.
“We’re seeing a modest improvement from the record lows in the previous month, and on our journey to recovery,” said Scholte in a press release from the association. “It’s encouraging to see signs of life returning to the housing market.”
In April, the association reported a 60 per cent decline in sales for the month of March.
Based on statistics compiled by the Southern Georgian Bay Association of Realtors from MLS, home sales in the region were down 38.5 per cent when compared to March 2019, with 225 homes sold in May 2020.
Year-to-date, home sales in the region are down by 16.2 per cent.
The biggest decline in sales occurred in the more densely populated half of the region.
The western portion of the region, including Wasaga Beach, Clearview, Collingwood, The Blue Mountains, Meaford, and Grey Highlands, saw a decline of 42.4 per cent in sales last month compared to May 2019. There were 121 units sold in the west in May 2020.
Year-to-date, the western portion of the region has seen a decrease of about 23 per cent in home sales compared to the same time last year.
The decline is not as steep in the eastern portion of the region, which includes Midland, Penetanguishene, Tay and Tiny, Severn, and Georgian Bay Township, where there were 104 units sold in May 2020. This is a decline of 33 per cent compared to May 2019, and an overall decline of 5.2 per cent when comparing year-to-date numbers.
While there are fewer people buying homes during the COVID-19 pandemic, there are also fewer people trying to sell their homes.
According to SGBAR, there were 462 new residential listings in the region in May 2020, which is a decrease of 41 per cent compared to May 2019. In fact, this is the lowest number of listings in May for more than three decades.
Another low for May 2020 was the dollar value of sales for the month. SGBAR reports the total value of all residential transactions last month was $124 million, which is 34 per cent below May 2019 values.
For more on SGBAR, visit their website here.