Home sales in Southern Georgian Bay continued on their upward trajectory for the month of May.
There’s been an 80 per cent increase in the number of homes sold in the region so far this year compared to the same five-month period last year.
According to a news release from the Southern Georgian Bay Association of Realtors, MLS data indicates there were 573 homes sold in the region, which is up by 80 per cent over May 2020, and a five-year record for the month.
Year-to-date, a record 2,434 homes have sold over the first five months of the year, which is up by 81.2 per cent compared to 2020.
Matthew Lidbetter, president of the local realtors association said the May stats were the second-highest ever recorded for the month.
“Home sales haven’t taken their foot off the gas since around June of last year,” said Lidbetter in the news release.
Though home sales went through a slump between March and May in 2020 as the pandemic began, they’ve come back in a big way to overtake 30-year records.
In the western half of the region (including Wasaga Beach, Clearview, Collingwood, The Blue Mountains, Meaford and Grey Highlands) home sales were up by 97 per cent compared to May last year.
There were 286 homes sold in the western part of the region in May 2021.
In the eastern half, including Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay, there were 287 units sold. That’s up 67 per cent compared to May 2020, and a five-year record for the month.
There are some stats below average, however.
New listings are three per cent below the five-year average and 13.5 per cent below the 10-year average for the month of May.
There were 829 new residential listings in May 2021, which is actually up by 36 per cent compared to May 2020. By the end of May 2021, there were 658 units on the market in the region, which is the lowest May total in three decades.
“New listings have come back stronger than before, but this has only managed to stop inventories from declining further, which have now, more or less, stabilized at record lows,” said Lidbetter in the release. “Market conditions remain historically tight and prices continue their ascent to new highs.”
The total value of all the homes sold in the region during the month of May was $511 million, which is 163 per cent higher than last year’s May totals.