New listings for homes for sale in the Georgian Bay area are being snapped up quickly, helping to create an upward trend in the local market.
According to Stan Reljic, president of the Southern Georgian Bay Association of Realtors (SGBAR), last month was a good one for real estate in the area.
“Home sales posted one of the best showings in the last couple of years in June,” said Reljic in a press release. “In what has become a recurring theme in the more supply-starved parts of Ontario, the increase in sales came alongside a nice bounce in new listings that buyers quickly snapped up.”
There were 721 new residential listings on the market in June 2019, in the South Georgian Bay area, which is an increase of 12.7 per cent over June 2018, and a four-year high for new supply in the month of June.
Almost mirroring the increase in supply, sales increased by 12.1 per cent for the region with 351 units sold based on sales recorded in the MLS system. That brings the year-to-date total of residential units sold to 1,558.
But the trend will still have to continue upwards if it’s to catch up with historical data. According to the SGBAR press release and MLS data, there were 1,450 active residential listings in the area at the end of June, which is still below year-to-date numbers for the market in 2016 and going back 25 years.
“Sales trends in the months ahead will no doubt remain heavily dependent on how many properties become available for sale,” said Reljic.
The largest relative increase in home sales came from the eastern region (Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay) where 166 units sold last month, an increase of 21.2 per cent over June 2018.
In the western side of the region (Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, Meaford, and Grey Highlands) there were 185 units sold last month, which is up by nine sales (5.1 per cent) over June 2018.
Dollar value for residential transactions is also up by 19 per cent over last year’s totals, with June 2019 sales reaching $180.6 million.