The 2022 Southern Georgian Bay market is off to another great start. Already there have been record volume sales and strong unit sales. The real estate market continues to move quickly, with properties being quickly snapped up.
And the record breaking continues. There was a record year-to-date sales volume of $333,480,592. That’s up 28% from 2021, even with the number of units down 9% and new listings down 4% from the same period. Sales volume for the month of February alone also set a record, at $180,800,266, up 18% from the same time last year. Units for the month were down 18% and new listings down 12% from January.
The average sale price now is another record year-to-date figure: $1,134,288. That’s up an incredible 41% from a year ago, when it was $806,849.
It’s the same story we’ve been hearing for a while now, with the demand for listings still greater than the supply.
There was a high 106.4% sale/list price ratio last month in the Southern Georgian Bay market. Homes sold in just 20 days on average, down 2 days from a year ago, according to the latest in-depth market report from Royal LePage’s Locations North, and there is now just one month of inventory available. So yes, it is still a relatively strong sellers’ market.
There have been year-to-date unit sales increases across four price ranges. Sales were up 30% for properties priced between $800K-$999K, up 90% for $1M-$1.499M, up 60% for $1.5M-$1.999M, and up an astounding 222% for properties listed at $2M and over. The $1M+ bracket accounts for 45% of all sales.
January’s and February’s sales volumes were up 44% and 18% respectively, from former highs seen in 2021. The combined total of those months ($333,480,592) was up 28% from last year, when the numbers were already quite strong.
All housing types are selling. The average sale price of a single-family home in the Southern Georgian Bay market was $1,273,908, up 41% from 2021. The average sale price for a condominium was $649,458, up 24% from last year. For townhouses, that figure was $856,231, up 48% from a year ago. Townhomes had the fewest days-on-market of all housing types, at just 13 days on average. These average sale prices reflect huge gains, both generally and relative to inflation.
The market looks promising indeed, given the many positive indicators above, and all signs certainly point to an exciting spring.
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.