Now that summer has drawn to a close, it’s time to take a look back at the month of August in local real estate.
After months of falling sales, August saw a small rise in the Southern Georgian Bay market. Volume and unit sales are both down, yet average sale prices are up.
The year-to-date sales volume in the area is down 25% from 2021 at $1,218,209,468, a figure that is the second-best ever. New listings are also up 5% from a year ago, according to the latest in-depth market report from Royal LePage’s Locations North.
Sales volume for just the month alone was down considerably—by 51%. 118 units sold; that’s down 46% from last year’s 219. New listings for just the month of August were up 16% from this time a year ago.
August also saw a record year-to-date average sale price of $1,004,295. That’s up 18% from August 2021, when that figure was $853,850. Homes are averaging 20 days on the market, a number that is the same as it was this time last year. The average sale price for the month of August alone was $829,758.
Another big change is that there is now six months of inventory available and the demand for listings is less than the supply.
After years of turbulence, the market seems to finally be transitioning towards balance.
Year-to-date sales were up in only two of the seven price ranges. There was an increase of 2% in the $1M-$1.499M category (this price range accounts for 35% of all sales) and 5% in the $2M+ category. The biggest drop—greater than 50%—were seen in the $300K, $300K-$499K and $500K-$799K ranges.
So far in 2022, the numbers are down in both dollar sales and unit sales for all housing types. The average sale price, however, is up across the board. For single-family homes, the average sale price so far this year is $1,106,934; for condominiums it is $625,218 and for townhouses it is $815,177.
It will be interesting to see what further changes lie ahead in the final quarter of year.
No one sells more luxury real estate throughout South Georgian Bay than the REALTORS® at Locations North, with offices in Collingwood, Thornbury, Creemore, Craigleith, Meaford, Wasaga Beach and Stayner. View their listings here.