The average sale price of a home in the Southern Georgian Bay region has hit a new high.
May 2022 saw a record year-to-date average sale price of $1,048,381. That’s up by a fairly substantial amount—an increase of 24% from May 2021. Homes aren’t sitting on the market quite as long either, with the average days on market figure down 3 to 16.
What’s interesting about this is that while that one key figure is up, others are unmistakably down.
The year-to-date sales volume is down 11% and the number of units sold is down 28%. New listings have decreased by 3% and the sales/listings ratio by 19%.
Right now, the demand for listings is less than the supply—a situation that has not been seen in quite some time.
We’ve grown so accustomed over the past couple of years to living with far greater demand than available supply that this marks an important and long-awaited shift. In fact, it’s nothing short of a momentous sea change, according to the latest in-depth market report from Royal LePage’s Locations North.
With a remarkable three months of inventory available, Southern Georgian Bay is currently a buyers’ market.
The average sale price for the month of May alone was $973,973. Year-to-date sales were up in the four most expensive categories: up 1% in homes in the $800K-$999K range, 22% in the $1M-$1.499M grouping, 20% in the $1.5M-$1.999M tranche and 54% in the $2M+ bracket.
Sales by property type reveal increases in the average sale price across the board, regardless of housing type. The average price for a single-family home so far in 2022 is $1,161,511, up 24% since 2021. For condominiums, that number has risen to $642,089, an increase of 15%. For townhouses, that figure is $829,909, up 21%.
The regional luxury home market clearly remains strong, as these figures indicate.
Now that buyers finally seem to have a little more control, we will see how that affects sales in Southern Georgian Bay. With continuing interest in the area and more favourable conditions for buyers—including a lot more inventory to choose from—agents expect to see a busy summer indeed.
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 here.