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April real estate market report: Volume and units down from 2021

Yet there are faster sales and average sale prices are up in Southern Georgian Bay

The numbers for last month are in and they’re telling quite a story.

In the Southern Georgian Bay real estate market, the year-to-date sales volume of $751,668,462 is down 5% from last year. The number of units sold is down 25%, new listings down 8% and the sales/listings ratio down 14%.

Looking at the month of April in isolation, there was a sales volume of $206,660,128, a figure that is down 21% from the same month in 2021. Units were down 35% and new listings down 7%.

And yet, there’s still some good news: the average sale price of $1,064,686 marks a year-to-date record, well over last April’s $837,692 and an increase of 27%. The average days on market fell by 3 to 17.

So what exactly are we to make of figures like this?

Things do seem to be changing, for one. It appears that the demand for listings is equal to the supply, according to the latest in-depth market report from Royal LePage’s Locations North.

The Southern Georgian Bay market had a solid 100.4% sale/list price ratio in April and there is currently two months of inventory. The sales/listings ratio for the month was 48%, which seems to indicate that it is currently a balanced market.

As in recent months, all of the increases seen in year-to-date sales happened across the top four price ranges. Sales in the $800K-$999K bracket increased by 5%, between $1M-$1.499M was up 38%, between $1.5M-1.999M increased by 20% and in the $2M+ category, YTD sales were up an incredible 70%.

The takeaway: while the local market has not matched the highs of 2021, it has still been performing strongly.

So far for 2022, unit sales for single-family homes are down 21% from 2021, condos and towns are down 34%, and vacant land is down 32%. The average sale price of single-family homes is $1,184,894, up 26% from 2021; for condos and towns that number is $726,267, an increase of 22%.

Given the odd combination of some of these figures, it will be interesting to watch the market going forward. Clearly there’s some movement happening, as the market shifts and adjusts to current conditions. We await May’s numbers to see what’s coming next.

The REALTORS® at Locations North are the experts in luxury real estate properties throughout South Georgian Bay, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. View their listings.